Hudson & Marshall to Auction Nearly 500 Homes in Illinois and Indiana
As the tidal wave of foreclosures continues to saturate the nation's sluggish real estate market with even more inventory, investors and first-time homeowners are discovering real estate auctions offer a pick of deals.
Unlike the traditional home purchase process where sellers name the price, in the auction process buyers determine the selling price of a property through a competitive bidding process where a property's true market value emerges.
The Dallas-based real estate auction firm of Hudson & Marshall will auction nearly 500 foreclosed homes in cities throughout Illinois and Indiana on August 13-19. About 200 of the properties for auction are located in Chicago alone.
The homes are owned by national lenders anxious to sell the properties to avoid the long-term carrying costs of bad debt. Valued from $7,000 to $800,000, each home comes guaranteed with title insurance paid for by the seller, ensuring there are no back taxes or liens on the property.
"Purchasing a home through auction is an efficient, transparent way to buy real estate. Our auctions don't have minimum starting bids. Hudson & Marshall lets the crowd drive the bidding with the prices they choose," said Dave Webb, principal, Hudson & Marshall.
"Having sold about 50,000 homes since 1999, we're very experienced in quickly moving large volumes of properties. Homes are sold and closed within 30 days." (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.bondbuyer.com/ http://www.sourcemedia.com/