The Foreclosure Report

300 Homes To Be Auctioned In Detroit

A Press Release from Michigan. "In a wilting real estate market with foreclosures rising, buyers are now in the driver's seat of home sales and can find even greater bargains in pursuing property through auction. Hudson & Marshall, the country's largest auction firm of foreclosed property, will auction over 300 Detroit homes on January the 20th and 21st. All the foreclosed homes are owned by banks or financial lenders and come guaranteed with title insurance."

"'Real estate auctions accelerate the selling process, making it a win-win proposition for everyone. Motivated buyers and sellers come together in a competitive bidding environment that allows a property's true market value to emerge,' said Dave Webb, principal, Hudson & Marshall."

"The Detroit metropolitan area continues to experience a surge in foreclosures. According to RealtyTrac®, in November 2006 Detroit posted the nation's second highest foreclosure rate for the second month in a row with 3,333 properties entering some stage of foreclosure."

"Foreclosed property doesn't mean distressed property, it means a homeowner defaulted on his mortgage and the lender took back possession of the property. Because lenders are eager to sell foreclosed homes quickly to avoid the high carrying costs of bad debt, buyers can typically purchase foreclosed homes below their market value at auctions."

"All properties are sold 'as is' and interested buyers are encouraged to visit all properties beforehand. Buyers can view an entire listing of properties online. Winning bidders will be required to write a check for 5% of the purchase price or $2,500, whichever is greater."

"Making the buying process even easier, buyers may also purchase property online prior to auction. This hybrid online program allows buyers to submit bids through the company's website and receive an immediate response from sellers, usually within 24 hours. Over 30% of homes sell through the Bid Now program before auction, giving sellers another great vehicle to move properties quickly from the market."

posted by Ben Jones @ 11:03 AM