The Foreclosure Report

100 Colorado Homes To Be Auctioned Off

A notice of auction from Colorado. "Hudson & Marshall is planning to auction more than 100 homes in foreclosure-flooded Colorado and Nevada on November 16, 18, and 19. Increasing interest rates have led to the steep increase in defaulted home loans in these areas. But these foreclosures, in turn, could lead to more opportunities for potential home buyers."

"Some say auctions actually make the process of purchasing a home more fair, due to the lack of negotiations and contingencies. Plus, sellers guarantee clean titles on all properties, which ensures the houses are free of any liens or back taxes."

"Hudson & Marshall will start auctioning the REOs, which are valued from $25,000 to more than $430,000, in Colorado Springs on the 16th. The second stop will be in Denver on the 18th, and the last auction will be held in Las Vegas on the 19th."

"The auctions for the homes, which are owned by leading financial institutions and asset management companies, will occur at the actual properties. And the highest bidder is only required to pay 5 percent or $2,500 down—whichever is greater—by personal check, making the sell a relatively simple process."

"'From listing to closing, real estate auctions accelerate the sales process for sellers. Using an aggressive marketing program, Hudson & Marshall secures maximum exposure for properties and closes multiproperty sales in less than 30 days, reducing the time homes linger on the market,' said Dave Webb, principal, Hudson & Marshall."

"'The auction method is a win-win for lenders and asset management companies who are able to swiftly move large volumes of foreclosed properties and avoid the high carrying costs on these assets.'"

posted by Ben Jones @ 10:47 AM