CHICAGO, Al -- Hudson & Marshall Will Auction Nearly 500 Homes in Cities throughout IL and IN on August 13-19; About 200 Homes Are Located in Chicago Area 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, America's largest foreclosed real estate auction firm, 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.
A complete auction schedule and property listings may be found at http://www.hudsonandmarshall.com/. Winning bidders will be required to make a check or cash down payment of 5% of the selling price or $2500, whichever is greater. Auction registration is free and occurs on site the day of the auction. Prospective buyers should not be intimidated by real estate auctions. Hudson & Marshall staff explains how it works and guides buyers through every step of the process from bidding to closing.
All properties are sold "as is" and interested buyers should view homes prior to auction, so they know what they are bidding on. Properties may be visited during open house events scheduled for August 11-12 from 1:00 pm -3:00 pm. Buyers also can "pre-buy" homes in advance of the sale by submitting bids online through Hudson & Marshall's easy Bid Now program available on its website. Usually buyers will receive a response from sellers within 24 hours. About 20% of properties will be sold prior to auction through the company's pre-sale 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 http://www.hudsonandmarshall.com/.
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| Notes:
Contact: Crystal Wright
202/829-0848
First Call Analyst:
FCMN Contact:
Source: Hudson & Marshall of Texas Inc.
CONTACT: Crystal Wright, +1-202-829-0848, for Hudson & Marshall of Texas
Inc.
Web site: http://www.hudsonandmarshall.com/
About This Release
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