It has been over a month since I blogged about my winning bid at the REDC Auction (Real Estate Disposition Corporation).
I did not reveal the results earlier because I did get a letter in the mail two weeks after my winning bid (which turned out to be an offer to the bank) was accepted.
Escrow was opened and as of May 30, 2008 I am the proud owner of a $60k house (I also had to pay a 5% commission to the REDC). The house is in a working class neighborhood and there are lots of foreclosures all around it. In fact, many are priced in the 70-100k range, so I think I got a pretty good deal.
I still like working through MLS better as it is faster and less hassle locating and making offers. Plus, a buyer has a better look at the property when working via MLS including the ability to conduct inspections.
Thanks for bearing with me on this four part saga.
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Congratulations, Robert. So, let me guess. Del Paso Heights?
Elizabeth,
You guessed wrong. The property is in 95824 which is Fruitridge area. It should rent for about $1,000.00 a month. It is a 3/1 and just needs some work in the kitchen, plus I am adding central heat and air.