Auction remains a mystery

American auction house REDC, which held a five-day sale of repossessed properties in five different venues in England just before Easter, has not had its results included in the ‘bible' of auction sales...

Essential Information Group, which records all auction results in details, has had to omit mention of REDC's first UK sales for several reasons.

Managing Director David Sandeman says he has been unable to speak to anyone in the organisation; that a copyright notice on the REDC site prohibits EIG from taking data; that REC refused to give out or confirm results after the sale; and that there is lack of clarity as to when properties actually sell, as REDC used ‘provisional sales' binding the bidder to their bid for a period of time, but not the auctioneer - meaning that a binding contract was not formed on both sides at the fall of the hammer.

Sandeman - and EAT - would be very interested to hear opinions, especially from those who attended any of the REDC auctions.

Although REDC has said it will be back in the UK in June, details of venues and dates do not appear to be on its website.

Source: www.estateagenttoday.co.uk