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Review 1/4/2011
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I have been trying to purchase a FannieMae foreclosed property and although I had the winning bid at an on-sight auction the bid was rejected, I then made several "offers" and the last was pending when the property was handed to "REDC aka Real Estate Disposition Co.,LLC aka www.auction.com aka www.redclive.com aka one mauchly auction and the alledged owner Mino Miyashiro. This auction co was handed the property over the Christmas Holiday weekend when most businesses and Fannie Mae were closed, the auction was scheduled for the New Years Day weekend and no one could be contacted to enquire, most Government Offices were closed that had any knowledge of how this came down. With over 40 years experience in auctions and real estae deals this was geared up for investors thus discriminating against the average consumer. On Jan.3rd during the last day of the auction I was able to contact 4 different persons working for this company and the story changed each time. My question if the auction has a specific ending time with a clock running on the site but you haver two different clocks , which is accurate - answer: could be one clock wasn't reset with the daylight savings time change; next question why didn't the auction end when the clock ended - answer: we add 2 - 3 minutes when some one bids, question This appears to be a "bidder upper" process (when someone owns an item and bids on it themselves to run the price up) answer; Yes Faniie Mae and Banks will bid on properties in order to get what they want out of them, even when the properties are not worth it. Note: Many and most foreclosed properties are in bad shape and abandoned properties. Do not do business with this company and request Fannie Mae to change this discriminatory practice.
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