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Hudson & Marshall to Auction Nearly 250 Foreclosed Homes This Week

Wed, Jul 14, 2010

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By: Brittany Dunn

In an effort to give investors and first-time homebuyers an opportunity to purchase a variety of homes at significant discounts, Hudson & Marshall of Texas, Inc., (H&M) is auctioning nearly 250 bank-owned homes this week in cities throughout Indiana, Illinois, Minnesota, and Wisconsin.

“Foreclosures remain in high demand among buyers looking for great deals on property,” said Dave Webb, principal of H&M. “Buyers particularly like purchasing homes through auction because it is a transparent process in which a property’s true market value is determined by the bidders. . . .”

This week’s auctions started July 13 and will continue through July 17. The properties up for bid are valued from

as little as $8,000 to more than $435,000, and all come with an insurable title and no back taxes or liens.

The majority of the homes hitting the auction block are located in Illinois. In fact, a whopping 100 properties will be auctioned in Chicago on July 17.

According to RealtyTrac, Illinois is one of 10 states that reported a large volume of foreclosure in May, as nearly 15,061 properties across the state received a foreclosure notice during the month. This accounted for nearly 5 percent of all foreclosures nationwide and represented a 38 percent increase in Illinois’ foreclosure activity from May 2009.

Because all homes being auctioned are sold “as is,” H&M encourages buyers to inspect properties before placing any bids. This week’s events are reserve auctions, which means sellers have the right to accept, reject, or counter any bid. Winning bidders will be required to make a cash or certified check deposit of $2,500 for each property they purchase.

H&M has sold more than 80,000 homes over the past 10 years and anticipates selling another 15,000 homes this year. The company says its accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return.

http://www.dsnews.com/articles/index/hudson-marshall-to-auction-nearly-250-foreclosed-homes-this-week-2010-07-13

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