Valued in Price from $30,000 to over $600,000 , the Homes Will Be Auctioned by Hudson & Marshall October 2-7
WASHINGTON, Sept. 20 /PRNewswire-USNewswire/ — Multiplying across the country in droves, foreclosures show no signs of abating and continue to push home prices down hill. According to many economists, the persistent glut of houses on the market will likely drop prices by 7% this year, making it an irresistible buyers’ market. In fact more buyers are purchasing foreclosed or “bank owned” properties at auctions because they can find even better discounts on homes. Hudson & Marshall, the country’s largest foreclosed real estate auction firm, will auction over 300 homes throughout DC, Maryland and Virginia October 2-7 in various cities. Over 250 of the homes are located in the greater DC metropolitan area.
Owned by national lenders, the homes are valued from $30,000 to over $600,000 and come with a clean title paid for by the sellers. Foreclosed property, also known as Real Estate Owned (REO), has been repurchased by the bank. Homes are sold “as is” and interested buyers are encouraged to inspect properties prior to placing bids. Winning bidders will be required to make a cash or check down payment of 5% of the purchase price or $2500 , whichever is greater. To view the entire auction schedule and property listings, please visit – www.hudsonandmarshall.com .
“This is a buying opportunity not to be missed. Many of these homes were on the market for a year or more, losing the lenders money, so they are anxious to quickly dispose of the properties through auction at discounted prices,” commented Dave Webb , principal, Hudson & Marshall. “No one takes joy in a person losing their home. Our goal, as a foreclosed real estate auction company, is to get owners into these vacant homes to help lift up sagging communities and breathe some life back into the housing market,” added Webb.
Subprime loans, made to borrowers with bad credit, accounted for over 50% of the foreclosures over the past year. These adjustable rate loans (ARMs) often lure borrowers with low “teaser” rates that skyrocket after two or three years, pushing monthly payments higher and for some making payments unaffordable. High foreclosure rates across the country are likely to persist into 2008.
Thought to be insulated from the country’s economic and housing market downturn because of the wealth of government contracting opportunities, the greater Washington, DC area is reporting more foreclosures. According to Realtytrac(R), in August DC ranked 20th in the nation with 275 foreclosure filings or one filing for every 1,010 households. Maryland ranked 14th with one filing for every 688 households and Virginia ranked 17th with one filing for every 832 households.
Hudson & Marshall will auction 300 plus foreclosed homes in DC, MD and VA on the following dates and locations: October 2 in Galax/Hillsville, VA; October 3 in Hagerstown, MD and Danville, VA and Roanoke, VA; October 4 in Baltimore , MD, Norfolk/Virginia Beach, VA and Richmond , VA; October 6 and 7 in Washington, DC area.
All properties are sold “as is” and potential buyers are encouraged to visit homes prior to placing bids on the day of the auction. Open house events are scheduled September 29th and 30th from 1:00pm-3:00pm. No pre-registration is required. Buyers also can purchase property prior to the auction using the company’s easy Bid Now program, which allows buyers to submit bids online at – www.hudsonandmarshall.com and get immediate responses from sellers in as little as 24 hours. Typically, about 20% of properties will sell prior to auction through the company’s online sales program.
About Hudson & Marshall of Texas Inc.
H&M is America’s Premier Auction Authority. Our 38-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. Recently, H&M has sold and closed over 40,000 homes throughout the country. See more about H&M at – www.hudsonandmarshall.com .
Contact: Crystal Wright 202/829-0848
SOURCE Hudson & Marshall of Texas Inc.
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