Bidding on a Home at an Auction

Have you considered bidding on a home at an Auction?

I don't really want to be a landlord but getting checks in the mail from rental property(after its paid off) can create security in retirement to counter the uncertain stock market!

REDC[ Real Estate Disposition Corporation] has been running TV ads non-stop for the past month and out of curiosity I visited their website..here is the link.

The website seems pretty informative but what they lack information is the type of auctions they hold.
Looks like they hold reserve auctions(like on Ebay - where, even if you are the highest bidder you may not have won!) rather than absolute auctions(where the highest bidder gets to own the property) And get this: they don't disclose the reserve price so you maybe bidding on more than what the property maybe worth..As always do your homework and bid conservatively...

What you need to know?

You need $5000(in cash or certified check payable to you) to be able to register for the event.

1. Visit the property if you can.
2. Mentally decide on a maximum price you'll bid on
3. There is a 5% buyer's premium added to your bidding price..
4. Be able to close within the 30 day period otherwise you'll lose your $5000 check and 5% buyer's premium..