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The San Diego Home Auction was unbelievable with a full house of buyers, investors, spectators and REDC employees. This Home Auction was held at the San Diego convention center and had 4-6 large Screens displaying homes and homes under contract. The Auctioneer asked those to raise their hands if this was their first Home Auction and about 80% of the room raised their hands, and this tells me that there are some savvy buyers looking for a new creative way to purchase a home at rock bottom pricing. REDC had an informational booth where you could ask employees of the Auction any questions you would like so that you would feel comfortable purchasing a home at this Home Auction. There was approximately 222 homes Auctioned off at this Home Auction that were all over San Diego county such as in National City, Rancho Santa Fe, Chula vista, Vista, Lakeside, Oceanside, Escondido and Spring Valley. Homes were even sold in Riverside cities like Temecula and Murrieta as well as cities like El Centro and Calexico.

Homes were auctioned off and if the auctioneer dropped his gavel, the auctioneer said "Sold" or "Sold Subject to confirmation". REDC is a reserved auction so if the auctioneer says "sold" it is your property if you are able to get the finances. If the auctioneer said "sold to confirmation" than the lender has your bidding number and starts the negotiation process to see if they can come to an agreement on a price that works for both parties involved. This is a Lender's foreclosure auction and the services of choice were Countrywide and West Coast Escrow. They had several of these properties that had title insurance of Nationally known companies such as Fidelity, Chicago and Land Safe. Some of the properties that were auctioned off were cash only which I believe gives you an advantage of getting a great deal with a lot of people in the room competing with you using a finance option.

It is very important to you knowing which homes you would like to bid on because they are sold as-is where-is, making you do your homework prior to bidding on a home at the auction. With all the excitement and energy in the room it can be very easy for you to bid higher than what you previously decided to limit yourself on or possibly bid on a home that you have not had the opportunity to view.

The Home Auction had some great purchases, but the huge debate from an investor to the traditional home buyer was were the prices low enough. Hearing stories from some investors, this auction did not produce the deals that they were looking for. But the investor did say that if you were a first time home buyer or just buying a home than you were definitely receiving a savings.