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Friday, 21 March, 2008 12:39 PM
Five-Day Motown Foreclosure
Auction to Attract Stampede of Buyers
Nearly
700 Homes Will Be Auctioned by Hudson & Marshall March 25th-30th
Photo
courtesy: PropertyMarketNews.com
DETROIT
-- Buyers seeking deals on
homes in today's chilled housing market will find an incredible
buying
opportunity at the five-day auction of Detroit area foreclosure
homes.
Nearly 700 bank-owned foreclosures will be auctioned by Hudson &
Marshall on March 25th-30th. Valued from $2,000 to $500,000, there
is a
home for everyone from first time homebuyers to investors. Each
home
comes with title insurance paid for by the sellers.
"There
is a glut of homes for sale in Detroit due to job losses and the
city's high rate of foreclosures. As a result, home prices are
continuing to fall, making it a great time to purchase a home,"
said
Dave Webb, principal, Hudson & Marshall. "Bank-owned foreclosure
auctions are a great way for buyers to find exceptional values on
homes
because lenders are anxious to unload loans costing them money,"
added
Webb.
Real estate
auctions create a level playing field among buyers who
decide what a property is worth on that particular day and time.
Moreover, in today's depressed housing marketing, massive foreclosure
auctions like those held by Hudson & Marshall help improve communities
by putting new owners into empty homes.
In the fourth
quarter of 2007, according to the Mortgage Bankers
Association, the delinquency rate for home loans was 5.82%. Declining
home values are fueling the rise in foreclosures. According to
Realtytrac(R), in 2007 Detroit reported the highest foreclosure
rate
among the nation's 100 largest cities, with nearly 5% of households
entering some stage of foreclosure.
America's
largest foreclosure auction firm, Hudson & Marshall will
auction the Detroit area homes on the following dates: March 25th
and
26th at 1:00pm at the Doubletree Hotel Dearborn; March 27th at 1:00pm
and 7:30pm at the Doubletree Hotel Dearborn; March 29th at 1:00pm
at the
Ford Motor Company Conference & Event Center; and March 30th
at 1:00pm
at the Ford Motor Company Conference & Event Center.
All homes
are sold "as-is" and prospective buyers should preview
all properties prior to placing bids. There will be an open house
for all properties March 20th and March 22nd from 1:00pm-3:00pm.
Buyers may also contact listing agents to schedule an appointment
to inspect properties. Complete auction details and property listings
may be found at www.hudsonandmarshall.com
or by calling 866-539-4172.
Winning
bidders will be required to make a cash or check deposit of $2500
or 5% of the total sales price, whichever is greater. Prior to the
auction, buyers can purchase property online by visiting www.hudsonandmarshall.com
and clicking on the Bid Now icon. Sellers usually respond to offers
within 24 hours. This is a reserve auction, which means the sellers
have the right to accept or reject any bid; however, in past auctions
conducted by Hudson & Marshall, the majority of offers have
been accepted.
Source: Hudson &
Marshall of Texas Inc.
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