Homes for Investors and Occupant Buyers Will Be Auctioned October 6th- 11th

CHICAGO, Oct. 2 /PRNewswire/ -- In a slumped housing market, where buyers are hungry for bargains, foreclosed homes are becoming the most sought after properties on the market. Owner-occupant buyers, in particular, are flocking to real estate owned (REO) properties because they can purchase a move-in ready home at a discounted price. America's leading REO auction firm, Hudson & Marshall will auction nearly 200 homes in cities throughout Illinois, Indiana, Minnesota and Wisconsin October 6th - 11th. About 80 properties will be auctioned in Chicago on October 10th.

Each property auctioned comes with guaranteed title insurance paid for by the sellers and sales typically close within 30 days. Interested buyers will be required to make a cash or certified check deposit of $2,500 for each property which they are the winning bidder. Buying a home through auction is very similar to purchasing a listed home. Auction buyers can secure financing and will receive a clean title. The main difference is the homes are sold "as-is" to avoid contingencies which slow down the sales process.

"In today's battered housing market, foreclosures are everywhere and they're not just distressed properties for investors anymore. The REO properties we're seeing now come in all shapes, sizes and conditions which is why these homes are attracting buyers who intend to live in them," remarked Dave Webb, principal Hudson & Marshall.

According to the National Association of Realtors, distressed properties continue to drive down average home prices because they sell for 15%-20% less than traditional homes. In August the average price of a home was $177,700. To date in 2009, Hudson & Marshall has auctioned about 400 bank-owned homes in the Chicago area of which 95% of the offers were approved by the sellers.

All homes auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties before placing any bids. Buyers may view homes during the open house scheduled October 3rd and 4th from 1:00 p.m. - 3:00 p.m. or by contact listing agents to make appointments. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

Auctions will be held on the following dates:

October 6th - Green Bay (8 homes) - Hilton Garden Inn Green Bay at 7:00 p.m.

October 7th - Portage, WI (10 homes) - Comfort Suites Portage at 11:00 a.m.

October 8th - Duluth/Superior, MN (7 homes) - Country Inn & Suites-Duluth North at 11:00 a.m.

October 8th - Minneapolis/St. Paul (29 homes) - Courtyard Minneapolis Bloomington at 7:00 p m.

October 8th - Indianapolis (8 homes) - Hilton Garden Inn Indianapolis/Carmel at 11:00 a.m.

October 8th - Ft. Wayne (5 homes) - Hilton Garden Inn Fort Wayne at 7:00 p.m.

October 8th - Merrillville, IN (6 homes) - Courtyard by Marriott-Merrillville at 1:00 p.m.

October 8th - Collinsville, IL (6 homes) - Hilton Garden Inn Green Mount/O'Fallon at 7:00 p.m.

October 10th - Chicago (80 homes) - Chicago Marriott Southwest at Burr Ridge at 1:00 p.m.

October 11th - Milwaukee (27 homes) - Milwaukee Marriott West at 1:00 p.m.

Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 80,000 homes for sellers in the past nine years, Hudson & Marshall of Texas, Inc is the most experienced, trusted leader in the REO auction industry. The company's 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. Over the past five years alone, Hudson & Marshall's total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2010.

About Hudson & Marshall of Texas, Inc.

H&M is America's Premier Auction Authority. Our 40-year history combined with our continued process enhancements have allowed us to become one of the largest and most respected real estate auction firms in the United States. H&M has set the standard as a full service auction company and continues to consistently raise the bar for our industry. Our number one priority is to provide top-quality service to our customers. Buyers know they can count on H&M to provide value and service from the initial property offering through the closing process. This same approach provides sellers with a one-stop single solution to the disposition of real estate assets. Sellers particularly appreciate H&M's streamlined approach that handles their assets from marketing through closing and funding. The H&M process allows the seller to minimize expenses and maximize return. H&M has assisted clients ranging from individuals to large, medium, and small corporations, government agencies, and financial institutions. Recently, H&M has sold and closed over 80,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com.

SOURCE Hudson & Marshall of Texas, Inc.

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