HUD Foreclosed Homes to Be Auctioned in Phoenix

Over 150 HUD foreclosed Phoenix homes are going to be auctioned to owner occupant buyers on March 26.

The auction, intended to help low- to moderate-income individuals become homeowners who plan on living in the properties as their primary residence for at least a year, will be led by Hudson & Marshall.

“Foreclosed auctions offering HUD homes are ideal for homebuyers looking to upgrade to larger properties to accommodate their growing families or individuals relocating to the Phoenix area for jobs,” said Dave Webb, principal at Hudson & Marshall. “Not only do auctions of foreclosed homes help buyers grab great deals but they also help raise property values by putting new homeowners into the properties.”

All properties auctioned are sold “as-is” and buyers should inspect the home before placing any bid. The auction is classified as a reserve, which means sellers have the right to accept, reject or counter any bid.

Qualified buyers can receive FHA $100 down homebuyer financing and up to 3% in closing costs paid by HUD.

To participate in the auction, buyers must bring a $1,000 cashiers check made out to their name or to HUD. This check will be collected as a deposit if the individual is the winning bidder for the home.

Prospective buyers also have to bring photo identification, a loan prequalification letter from their bank acknowledging that they have not purchased a HUD-owned property within the past two years as an owner occupant and confirm they will occupy the property as their primary residence for at least 12 months.

Before the auction occurs, the company is helping homebuyers prepare for the process by holding two free auction education seminars at the JW Marriot Desert Ridge on March 16 and 22. The seminars will review basic tips on successful bidding and what important documents buyers should bring with them to the auction.