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Repossessed homes go up for auction

MORE than 90 homes in the Midlands and Wales repossessed by banks and other lenders will go under the hammer next week.

MORE than 90 homes in the Midlands and Wales repossessed by banks and other lenders will go under the hammer next week.

REDC, a leading US property auction company, is to hold an auction at the NEC on April 2.

REDC broke records in America in 2008 by auctioning 32,799 repossessed homes for $3.4 billion (£2.44 billion).

Jeffrey Frieden, chief executive officer of REDC, said: “When a house is vacant, everyone loses. If we put a family into a home, they’re paying a mortgage and utilities and breathing the life back into a property, all of which helps the economy.

“Our auctions are not just for investors. First-time homebuyers and first-time investors looking to pick that first property are in the majority at RECD auctions.

“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.”

With historically low interest rates and lower home prices, it was a “unique time” in the property market, Mr Frieden said. “In all my years in the industry, I’ve never seen anything like it.”

 

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