KANSAS CITY, MO -- Bank Owned-Homes Will Be Auctioned by Hudson & Marshall in Kansas City on July 12th and St. Louis on July 13th Wracked by plummeting home prices and swelling foreclosures, the nation's housing market has buyers racing to foreclosure auctions to snag deals on homes. Hudson & Marshall will auction over 100 bank-owned foreclosures in Kansas City, Missouri on July 12th at 1:00pm at the Kansas City Sports Complex and another 100 plus homes in St. Louis on July 13th at 1:00pm at the Hilton St. Louis Airport.
Interested buyers may register to bid at the auction location on the day of the auction. All homes are sold "as-is," so buyers should inspect properties prior to auction so they know what they are bidding on. Each home comes with guaranteed title insurance paid for by the sellers. Winning bidders will be required to make a $2500 deposit in the form cash or certified funds for each property on which they are the successful bidder.
"Usually, these foreclosed homes have been listed on the market for several months to a year before they come to us. By the time lenders ask Hudson & Marshall to auction the properties, they are eager to sell them at discounted prices to avoid the carrying costs of these non-performing loans," said Dave Webb, Principal, Hudson & Marshall. "As a result, this puts buyers in the driver's seat of finding homes at very affordable prices," added Webb.
According to Realtytrac(R), in May 2008, one in every 438 US households received a foreclosure filing, an increase of 7% from the previous month. During May, Missouri's foreclosure rate ranked 13th among the states with one in every 620 households receiving a filing for a total of 4,232 foreclosure filings for the month.
Prior to the auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers usually respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept or reject any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.
Real estate auctions offer buyers a fast, easy way to purchase property in a competitive and open bidding environment, which allows a property's true market value to emerge. Having sold over 70,000 homes for sellers in the past eight years, Hudson & Marshall of Texas, Inc is the most experienced, trusted leader in the REO auction industry. The company's accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall's total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2009.
About Hudson & Marshall of Texas Inc.
H&M is America's Premier Auction Authority. Our 40-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 70,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com.
Contact:
Crystal Wright
Public Relations Strategist
202/829-0848
First Call Analyst:
FCMN Contact:
Source: Hudson & Marshall of Texas Inc.
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CONTACT: Crystal Wright, Public Relations Strategist for Hudson &
Marshall of Texas Inc., +1-202-829-0848
Web Site: http://www.hudsonandmarshall.com/
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