Tuesday, November 16, 2010

Three Day Auction of 400 Atlanta Foreclosures Offers Buyers Bonanza of Deals

/PRNewswire/ -- Bargain hungry buyers, combing the housing market for deals, are scooping up foreclosed homes like hotcakes because of their discounted prices. Hudson & Marshall will auction 400 bank-owned homes in Atlanta November 19th-21st.

Valued from $18,000 to about $375,000, there is a wide selection of homes for every type of buyer to choose from and each property comes with an insurable title. Buyers will be required to make a cash or certified check deposit of $2,500 for each property for which they are the winning bidder. All sales will close within 30-45 days and buyers may secure financing with the lender of their choice prior to closing; however, closing is not contingent upon financing.

"Auctions are attracting crowds of buyers because people have learned this is a convenient, fun and easy way to purchase a home. From bidding to closing, the process moves swiftly, lengthy negotiations are eliminated and the auction process allows a property's true market value to emerge," said Dave Webb, principal, Hudson & Marshall.

According to the National Association of Realtors (NAR), in the third quarter of 2010, distressed homes, which typically sell at discounted prices, accounted for 34% of homes sold in the third quarter, an increase of 30% from a year ago. The median price of a home in the South fell 1.9% to $157,000 in the third quarter from the same period in 2009.

All properties auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties thoroughly before placing any bids. Properties can be viewed by contacting listing agents to schedule appointments. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

Homes will be auctioned on the following dates:

November 19th –Atlanta (120 homes) at 1:00pm- Atlanta Marriott Northwest

November 20th –Atlanta (160 homes) at 1:00pm- Atlanta Marriott Northwest

November 21st –Atlanta (120 homes) at 1:00pm- Atlanta Marriott Northwest

Prior to auction, buyers can purchase property online by visiting the website 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.

Having sold over 80,000 homes for sellers in the past ten years, Hudson & Marshall, 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 $2.2 billion and the company anticipates selling another 15,000 homes in 2010.

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