FIVE-DAY MOTOWN FORECLOSURE AUCTION TO ATTRACT
STAMPEDE OF BUYERS
Nearly 700 Homes Will Be Auctioned by Hudson &
Marshall March 25th-30th
Contact: Crystal
Wright
Public
Relations Strategist
202/829-0848
Detroit, MI-March 18,
2008—Buyers seeking deals on homes in
today’s chilled housing market will find an incredible buying opportunity at the
five-day auction of Detroit area foreclosure homes. Nearly 700 bank-owned
foreclosures will be auctioned by Hudson & Marshall on March
25th-30th. Valued from $2,000 to $500,000, there is a home
for everyone from first time homebuyers to investors. Each home comes with title
insurance paid for by the sellers.
“There is a glut of homes for
sale in Detroit due to job losses and the city’s high rate of foreclosures. As a
result, home prices are continuing to fall, making it a great time to purchase a
home,” said Dave Webb, principal, Hudson & Marshall. “Bank-owned foreclosure
auctions are a great way for buyers to find exceptional values on homes because
lenders are anxious to unload loans costing them money,” added Webb.
Real estate auctions create a
level playing field among buyers who decide what a property is worth on that
particular day and time. Moreover, in today’s depressed housing marketing,
massive foreclosure auctions like those held by Hudson & Marshall help
improve communities by putting new owners into empty homes.
In the fourth quarter of 2007,
according to the Mortgage Bankers Association, the delinquency rate for home
loans was 5.82%. Declining home values are fueling the rise in foreclosures.
According to Realtytrac®, in 2007 Detroit reported the highest foreclosure rate
among the nation’s 100 largest cities, with nearly 5% of households entering
some stage of foreclosure.
America’s largest foreclosure
auction firm, Hudson & Marshall will auction the Detroit area homes on the
following dates: March 25th and 26th at 1:00pm at the
Doubletree Hotel Dearborn; March 27th at 1:00pm and 7:30pm at the
Doubletree Hotel Dearborn; March 29th at 1:00pm at the Ford Motor
Company Conference & Event Center; and March 30th at 1:00pm at
the Ford Motor Company Conference & Event Center.
All homes are sold “as-is” and
prospective buyers should preview all properties prior to placing bids. There
will be an open house for all properties March 20th and March
22nd from 1:00pm-3:00pm. Buyers may also contact listing agents to
schedule an appointment to inspect properties. Complete auction details and
property listings may be found at www.hudsonandmarshall.com or by
calling 866-539-4172.
Winning bidders will be
required to make a cash or check deposit of $2500 or 5% of the total sales
price, whichever is greater. Prior to the auction, buyers can purchase property
online by visiting www.hudsonandmarshall.com and
clicking on the Bid Now icon. Sellers usually respond to offers within 24 hours.
This is a reserve auction, which means the 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.
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 40,000 homes throughout the country. See more
about H&M at www.hudsonandmarshall.com.