Saturday, July 18, 2009

Buyers Sure to Find Bargains at Auction of 175 Bank-Owned Homes Throughout Alabama, Georgia and Tennessee

/PRNewswire/ -- Foreclosures continue to soak the nation's housing market in inventory and drive down home prices. For buyers who were unable to afford property during the boom years, the market's downturn is an opportunity to purchase homes at discounted prices. America's leading foreclosure auction firm, Hudson & Marshall will auction about 175 bank-owned homes in cities throughout Alabama, Georgia, and Tennessee. Over 100 homes will be auctioned in Georgia, which currently ranks among the nation's top ten states with high foreclosure rates.

Interested buyers will be required to make a cash or certified check deposit of $2,500 for each property which they are the winning bidder. A 5% buyer's premium will be added to the sales price. During registration the day of the auction, Hudson & Marshall's staff will explain to buyers how the process works, answer questions and guide buyers through every step of the auction from bidding to closing.

"Over 2 million homes are expected to go into foreclosure this year. To shorten the time foreclosures sit vacant in neighborhoods, furthering depressing property values, banks are increasingly using auction firms to quickly sell their real estate owned homes at a reduced price," commented Dave Webb, principal, Hudson & Marshall.

Despite the government efforts to prevent mortgage defaults, foreclosures are escalating. According to Realtytrac, in the first six months of 2009, 1,528,364 properties received one or more foreclosure filings. For the first six months of the year, Georgia reported the 6th highest number of foreclosures among the states with 56,391 filings; Tennessee came in 16th reporting 20,365 filings for the first half of the year and Alabama came in 30th with a total 9,657 filings.

All homes being auctioned are sold "as-is" and buyers should inspect properties before placing any bids. Buyers may view homes during the open house scheduled July 18th and 19th from 1:00 p.m.- 3:00 p.m. or by contacting listing agents to make appointments. Complete property details and additional information may be found at or by calling 866-539-4172.

Hudson & Marshall will auction the homes on the following dates:

July 21st - Mobile (10 homes) at 7:00 p.m.-Hilton Garden Inn-Mobile East Bay/Daphne

July 21st - Memphis (10 homes) at 7:00 p.m.-Hampton Inn & Suites Memphis-Shady Grove

July 22nd - Montgomery (6 homes) at 1:00 p.m. - Hampton Inn & Suites Montgomery EastChase

July 22nd - Auburn/Opelika (6 homes) at 7:00 p.m.-Hampton Inn & Suites Opelika

July 22nd - Nashville (8 homes) at 7:00 p.m.-Hilton Garden Inn Nashville Airport

July 23rd - Birmingham (9 homes) at 7:00 p.m.-Hilton Garden Inn Birmingham/Lakeshore Drive

July 23rd - Knoxville (13 homes) at 7:00 p.m.-Hilton Garden Inn Knoxville West/Cedar Bluff

July 25th - Atlanta (113 homes) at 1:00 p.m.-Atlanta Marriott Northwest

Prior to auction, buyers can purchase property online by visiting the Web site and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

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