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US auction house to sell 500+ repossessed UK homes

This series of auctions represent REDC’s first foray into the UK auction market.

The auction schedule is as follows:

31 March – Hilton Newcastle Gateshead Hotel;

1 April – Leeds United Football Club Conference and Exhibition Centre;

2 April – National Exhibition Centre, Birmingham;

4 April – Manchester Central, The Exchange Hall (Simulcast with remote bidding at ExCel London)

5 April – ExCel London

Requests for a free auction catalogue and registration for all auctions can be made online at www.AuctionToday.co.uk.

REDC said it was making a major investment in this first round of UK auctions with a massive marketing campaign and large number of TV, press and outdoor advertisements.

Each auction would be a large scale event at a major venue with full assistance on site for potential buyers, it promised.

"We’re truly honoured and excited to take our world-class operation to the United Kingdom," said Jeffrey Frieden, CEO and co-founder of REDC and AuctionToday.co.uk.

"When a house is vacant, everyone loses. When we put a family into a home, they’re paying a mortgage & utilities etc and breathing the life back into the property – all of which helps the economy. A home that remains vacant has the opposite effect.

"REDC has turned tens of thousands of bank repossessed houses across America back into homes. As a property auction company, our mission is to bring sellers together with home buyers and a range of investors. Only an auction can determine the true market values of these properties."

He added: "Our auctions are not just for investors. First-time homebuyers, move-up buyers and homeowners looking to pick up a property to let are the majority at REDC auctions. We make it easy to participate with free online registration, free auction catalogues, scheduled viewing days and free mortgage pre-qualification.

"We really bring the auctions to the people, selling properties in the areas where they live in an easy process with no mystique attached at all. We are having five auctions in different areas of the UK where the homes are located."

Historically low interest rates and lowered home prices, combined with motivated sellers, created a "perfect storm" for homebuyers, REDC said.

"This is a unique time in the property market," Frieden said. "In all my years in the industry, I’ve never seen anything like it. What a great time to buy."

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