RISMEDIA, August 6, 2007–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.
Hudson & Marshall, one of America’s largest foreclosed real estate auction firms, 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, who are 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. 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, making the process a win-win for both the buyer and the seller,” said Dave Webb, principal, Hudson & Marshall.
Foreclosure rates in Illinois and Indiana rank among the nation’s highest. According to Realtytrac(TM), in June, Illinois reported 5,755 foreclosures while Indiana reported 4,112. Hudson & Marshall will auction homes in Illinois and Indiana on the following dates and locations: August 13 in Southbend, IN; August 14 in Fort Wayne, Kokomo, and New Albany; August 15 in Muncie, IN and Collinsville, IL; August 16 in Cloverdale and Indianapolis, IN; August 17 in Lafayette, IN; and August 18 in Chicago, IL.
