Valued from $17,000 to nearly $400,000, Bank-Owned Homes Will Be Auctioned by Hudson & Marshall May 10th-14thin Various Cities
CHICAGO, May 4, 2011 /PRNewswire-USNewswire/ -- Foreclosures continue to sprout up across the country, driving home prices down to new lows and giving buyers a chance to snag deals. Auctions of bank-owned homes offer buyers the opportunity to purchase property at significant reductions. Over 100 homes will be auctioned in Illinois, Indiana and Michigan May 10th -14th by Hudson & Marshall, one of the country's largest real estate auction firms.
According to the S&P/Case Shiller home price index released in April, US home prices in its 20-City Composite nearly plunged to April 2009 lows. The report also found home prices in 10 cities, including Chicago, dropped from their peak in 2006/2007 for the third consecutive month in February 2011.
"While the housing market is in recovery mode, now is a phenomenal time for buyers hunting for property to take the plunge and foreclosure auctions is where they can find great buys," added Dave Webb, principal Hudson & Marshall. "By the time banks offer these homes at auction, they are eager to sell them so buyers can usually purchase them at a discount," added Webb.
All properties auctioned by Hudson & Marshall come with an insurable title, are sold "as-is" and buyers should inspect properties before placing any bids. Buyers will be required to make a cash or certified check deposit of $2,500 for each property which they are the winning bidder.
Homes may be viewed during the open house scheduled May 5th and May 7th from 1:00pm-3:00pm or by contacting listing agents to schedule appointments. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.
Hudson & Marshall will auction the homes on the following dates:
May 10th– Detroit (19 homes) at 7:00pm- Doubletree Hotel Dearborn
May 11th – South Bend, IN (4 homes) at 7:00pm-Hilton Garden Inn South Bend
May 12th –Indianapolis (15 homes) at 7:00pm-Hampton Inn & Suites Indianapolis-Fishers
May 14th–Chicago (66 homes) at 11:00am-Chicago Marriott Southwest at Burr Ridge
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 ten years, Hudson & Marshall 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 $3.5 billion and the company anticipates selling another 15,000 homes in 2011.
About Hudson & Marshall
H&M is America's Premier Auction Authority. Our 45-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. Since 1999, 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