About With the large number of foreclosures that have taken place in Nevada the banks have resorted to auction companies to dispose of their large inventories of REO properties. REDC is one of these companies.
I have, in the past, purchased properties through REDC andfound the process painless. However, I have had reports recently, that a winning bid merely constitutes a place for the banks to begin the negotiation process to sell their REO’s.
One buyer told that the bank eventually accepted the price of their winning bid
now, here is an article that tells of a “quick” closing transaction through REDC. It only took 51 days to quickly close the cash sale.
It was still a profitable deal.