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Local News

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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