Question:
I attended REDC foreclosure auction in Los Angeles last month and now I am deeply regret it. We have a problem verifying what the auctioneer said at the auction about the property that we bided and won, and what they told us later. They said that I have no proof of what the auctioneer said on that day and because of that it might cost us about $10K if we to walk out from the deal. So, I want to know how to find out if there is anyone that went to the auction on May 19 at Convention Center and tape record the auction? How can I find out if there is any reporter from any magazine or TV channel at tape recorded the auction on that day? I don't want to say this but don't believe the auctioneer although the auction company is well know and might be around for a long time. Always think that they are there to take your money and they are not your friends, you are on your own. They will not stand up for you and will not back up what they said. Be very careful.
Answer:
You will not like this answer, but you are out of luck. I'm sure there was a brochure, and probably even a time to inspect the property. Somewhere in the brochure in very fine print, is a notice that what is in the brochure is all that will be considered to be binding. What the auctioneer said makes no difference, even if you find something on tape.
In real estate, the ONLY thing that matters is what's in writing. With an auction, whatever is in the brochure or listing along with whatever is in any agreements that you signed are all that matter. What the auctioneer may have said or not said is of no relevance.
Every real estate auction I have been to has the auctioneer being voice recorded. When the auctioneer changes, they hand over the recording device and microphone to the new auctioneer. Since you are at odds with the auction company, it is unlikely they will provide you a copy of the recording.
You may want to post this information on some local forums and hopefully someone will have been recording it.
If you buy a home at auction it is absolutely an as is sale. The auctioneer could tell you that the home is full of gold, but it is your responsibility to research it. They do not have to disclose anything to you. If you want to play with the big boys, be prepared for this stuff. Auctions are not for the weak of heart investor.
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