Nearly 200 Foreclosed Homes Head to Auction Block Throughout Southern States

/PRNewswire/ -- Foreclosures continue to dominate the nation's housing market and their discounted price tags are attracting strong interest from homebuyers. Buyers looking for great deals on homes will find them at Hudson & Marshall's auction of nearly 200 bank-owned homes January 11th-16th in cities throughout Alabama, Georgia, Tennessee, North Carolina and South Carolina.

Valued from about $14,000 to $969,000, all the homes come with insurable title, no back taxes or liens. Buyers will be required to make a cash or certified check deposit of $2,500 for each property which they are the winning bidder. Property #810 located in Braselton, Georgia is a six bedroom, six bath home in move-in ready condition valued at $969,000. Another stunning property being auctioned is property #253, a four bedroom, four bath home in Hilton Head, SC last listed at $479,900.

"As the nation's housing market slowly see-saws back toward recovery, homebuyers expect to purchase homes at significant discounts and are often bypassing traditional homes in favor of foreclosures," said Dave Webb, principal Hudson & Marshall. "Buyers particularly like purchasing bank-owned homes through auction because the process is quick and offers a wide selection of choices," added Webb.

According to the National Association of Realtors, both investors and first-time homebuyers are now competing for distressed properties. In November, NAR reported distressed sales increased to 33% of all home sales.

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

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

January 11th - Savannah (6 homes) at 7:00 pm -- Holiday Inn Savannah Airport

January 12th - Hilton Head, NC (4 homes) at 11:00 am -- Holiday Inn Hilton Head Island

January 12th - Goldsboro, NC (12 homes) at 7:00 pm -- Holiday Inn Express Goldsboro

January 12th - Wilmington, NC (5 homes) at 1:00 pm -- Hilton Garden Inn Wilmington Mayfaire Town Center

January 13th - Macon (6 homes) at 7:00 pm -- Homewood Suites-Macon North

January 13th - Charlotte (16 homes) at 7:00 pm -- Doubletree Hotel Charlotte Airport

January 13th - Greensboro (12 homes) at 1:00 pm -- Hilton Garden Inn Greensboro

January 13th - Myrtle Beach, SC (6 homes) at 11:00 am -- Hilton Garden Inn Myrtle Beach/Coastal Mall

January 13th - Nashville (8 homes) at 7:00 pm -- Holiday Inn Express-Nashville Airport

January 13th - Memphis (6 homes) at 11:00 am -- Hampton Inn & Suites Memphis Shady Grove

January 13th - Montgomery (8 homes) at 7:00 pm -- Hilton Garden Inn-Montgomery East

January 14th - Birmingham (9 homes) at 7:00 pm -- Hilton Garden Inn Birmingham/Lakeshore Drive

January 14th - Greenville (7 homes) at 7:00 pm -- Homewood Suites Greenville

January 14th - Asheville (9 homes) at 7:00 pm -- Four Points by Sheraton Asheville Downtown

January 14th - Knoxville (14 homes) at 7:00 pm -- Holiday Inn Knoxville-West

January 15th - Chattanooga (8 homes) at 1:00 pm -- Hampton Inn Chattanooga
January 16th - Atlanta (53 homes) at 1:00 pm -- 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 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 2010.

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US Department of Housing and Urban Development Releases Latest Version of Shopping For Your Home Loan

/PRNewswire/ -- In its first revision in over 10 years, the US Department of Housing and Urban Development (HUD) advises home buyers that it is their responsibility to search for a real estate agent that will represent their interests. In Shopping for Your Home Loan - HUD's Settlement Cost Booklet, HUD states: "If you want someone to represent only your interests, consider hiring an 'exclusive buyer's agent,' who will be working for you."

The National Association of Exclusive Buyers Agents (NAEBA) views this as an important element of the new era of home buying.

"'We are pleased to see that the wisdom of having someone in your corner and on your side is being conveyed to Buyers by HUD. Because most real estate agents represent Sellers, HUD emphasizes, and the National Association of Exclusive Buyers Agents stresses, that it is a Buyer's responsibility to find an agent who will represent their best interests in their real estate transaction," said Benjamin Clark, 2010 President of NAEBA.

Exclusive Buyer Agents (EBA) represent buyers and their interests in real estate transactions. They not only work to get the best price and terms for their buyer clients, they also serve as diligent home buying guides, consultants, and often coaches to ensure that clients achieve their desired outcomes in an efficient way. They offer full buyer representation without the potential for the conflicts of interest that occur when the company representing the buyer also represents the seller. The concept of a buyer's agent arose in the mid-1990s as real estate buyers sought to have agents that would represent only their interests and level a playing field that previously favored sellers.

Working with an EBA offers more than a dedicated representative. Data validates that buyers actually get better results. An EBA promises to work toward a better price and terms for buyers. A study conducted by Chandler & Chandler confirms that property purchased through an alliance with an EBA shows a 67% greater appreciation in value. Additionally, a survey conducted by the National Association of Exclusive Buyers Agents (NAEBA) found that among survey respondents, there were only 15 foreclosures out of 1,849 closings. That represents a foreclosure rate of just 0.8%, compared to the nationwide rate of 1.84% in 2008.

NAEBA views HUD's advice to consider an exclusive buyer agent as very timely given current market conditions. Clark agrees, "We are encouraged by an increased movement among consumers to seek out Exclusive Buyer Agents. Working on behalf of buyers is extremely rewarding. Consumers who hire an Exclusive Buyer Agent find that the whole process is more enjoyable because of the incredible trust between the buyer and their agent that doesn't always exist in the traditional buyer/agent relationship."

You can download a free copy of the new HUD booklet at: http://portal.hud.gov/portal/page/portal/HUD/documents/Settlement%20Booklet%20 December%2015%20REVISED.pdf

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HGTV’s FrontDoor.com Identifies Top 10 Real Estate Predictions for 2010

(BUSINESS WIRE)--With some subtle signs of recovery in the housing market, the real estate industry is due to bounce back – but more challenges could lie ahead for buyers and sellers alike. HGTV’s FrontDoor.com identifies the top 10 must-know real estate trends for the coming year: (http://www.frontdoor.com/top10)

#10: Cash is king. All-cash offers will become even more popular for foreclosures and short sales, as banks would rather get less money than deal with the hassles of loan transactions.

#9: Smoother short sales. As lenders and real estate professionals become more accustomed to short sales (sales in which the proceeds are less than the outstanding debt), the process will become more streamlined and successful for all parties involved.

#8: Tricky appraisal rules. Due to the government’s Home Valuation Code of Conduct passed in May, property appraisals will be more expensive and take longer, sometimes hindering (or breaking) real estate deals.

#7: A conflicted construction market. Though lenders are still reluctant to finance new housing projects for builders, there’s a chance of double-digit increases in new construction next year (according to the McGraw-Hill Construction Outlook Report).

#6: Rising mortgage rates. The Fed’s effort to keep mortgage rates at historic lows is scheduled to end in March. Homebuyers should act now to capitalize on the lowest interest rates in years.

#5: Lending standards still tight. With the subprime mortgage debacle in recent memory, lenders will continue to require stellar credit and thorough documentation from borrowers.

#4: Some stabilizing home values. Nationally, the outlook for home values is good, with a rise in home prices during the last two quarters of 2009. Locally, however, many markets are a long way from full recovery.

#3: More foreclosures to come. Though more homes will go into foreclosure in 2010, some homeowners will be able to lease back their property at market rental rates for a year’s time, allowing more people to stay in their homes longer.

#2: More buyers entering the market. The government’s first-time homebuyer tax credit was extended to April 30 and to a broader range of buyers, which should bring even more buying activity to bear.

#1: Still a buyer’s market. As 2010 looks to be another year of low home prices and a robust inventory of homes for sale, it will still be the best opportunity for buyers to cash in on some great real estate deals.

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Rismedia: Will the Stimulus Benefit Homeowners and Buyers?

”There are four primary sections of the economic stimulus plan that will benefit home owners and buyers,” said Gibran Nicholas, chairman of the CMPS Institute, an organization that certifies mortgage bankers and brokers. According to Nicholas, these include:

1. Expansion of Home Improvement Tax Credit.”The tax credit for making energy efficient home improvements is now 30% of the cost of the improvements up to a maximum of $1500,” Nicholas said. “This means that if the improvements cost you $4,500, you would receive a tax refund of $1,500 when you file your tax returns.”

Eligible improvements include energy efficient exterior doors and windows, insulation, heat pumps, furnaces, central air conditioners and water heaters.

“Generally, most modern improvements like windows, furnaces, and air conditioners meet the necessary standards for energy efficiency,” Nicholas said. “If you’ve been holding off on making some of these improvements, now is a great time to get a move on it - especially with all the great deals being offered.”

2. Expansion of First-time Home Buyer Tax Credit.

The tax credit available to first-time home buyers was increased from $7,500 to $8,000 for homes purchased between January 1, 2009, and December 1, 2009. Also, the credit no longer needs to be paid back as long as the buyers live in the home without selling it for at least 3 years.

“The previous version of the credit expired on July 1, 2009, and required home buyers to pay the funds back over a 15 year time frame,” Nicholas said.

The income limitations remain the same ($75,000 for single tax payers claiming the full credit and $150,000 for married tax payers), as do most other qualification requirements. Also, the credit remains refundable. “This means that first-time home buyers who owe less than $8,000 in taxes for the year are still eligible for the full $8,000 credit when they file their tax returns, and the IRS will write them a check for the difference between $8,000 and their actual tax bill,” Nicholas said. “In fact, the credit can be claimed on your 2008 tax returns that you file by April 15 of this year, even if you buy the home in 2009.”

There is one catch, however: if you bought the home in 2008, the credit remains $7,500, and it still needs to be paid back over a 15 year timeframe beginning in 2011 when you file your 2010 returns.

3. Higher Reverse Mortgage Loan Limits.

The loan limits for FHA-insured reverse mortgages have been increased to $625,500 across the entire country-not just the higher cost areas. The previous limit was $417,000 across the country.

“This is especially important because the FHA program is virtually the only game in town as private and jumbo reverse mortgage programs have nearly all evaporated,” Nicholas said.

This coincides with another little-known change in the reverse mortgage
arena: the availability of reverse mortgages on home purchase transactions.

“This is a fantastic opportunity for senior citizens to buy a new home and live mortgage payment-free without having to wait for their old home to sell,” Nicholas said. “Seniors could also use this strategy to buy a new home and turn the old home into a rental or otherwise wait for market conditions to improve before trying to sell the old home.”

4. $729,750 FHA and Conforming Loan Limits Restored in High Cost Areas.

“The $729,750 maximum loan limit had been in force throughout 2008, but was reduced to $625,500 in 2009,” Nicholas said. “The economic stimulus plan restores the $729,750 maximum. This makes higher cost homes more affordable - especially in the coastal housing markets that tend to have higher than average home values.”

For more information, visit http://gibrannicholas.com and www.CMPSInstitute.org or call 888.608.9800.

Sold! Homes Are Selling in the Current Real Estate Market

(BUSINESS WIRE)--Navigating the complexities of today’s housing market is as challenging for consumers as it is for real estate agents. Citing the many obstacles those in the market are facing, The Real Estate Book is launching a new program, JUST SOLD 2008, designed to help those looking to buy or sell a home find a leading agent, and at the same time, help real estate professionals market their listings affordably and effectively, as well as share their successes.

“No question, the real estate market is choppy, but today more than ever, it’s important to stay focused and remain upbeat,” says Scott Dixon, President of The Real Estate Book. “It’s also vitally important to spread the news about who is transacting. We’ve got an active and powerful channel of millions of consumers and thousands of real estate agents who are surviving and thriving, and we can help anyone in this market – consumers and agents alike – connect with each other. In fact, those that advertise with us, are selling homes right now.”

The JUST SOLD 2008 program works like this: The Real Estate Book will contribute (at no cost to advertisers or consumers) 20% of its print book pages to its advertisers to promote the homes they sold in 2008.

Todd Walker, Senior Vice President of Sales and Operations at The Real Estate Book adds, “we want to do our part to help hard-working real estate professionals achieve continued success, and provide a way for those who are struggling by providing them with an affordable media solution that works in any market, even on a tight budget. We also want to let consumers looking to buy or sell know that agents who advertise in The Real Estate Book are the top in the business and sell more homes, quicker.”

Simply put, The Real Estate Book, available in print and online, generates more advertising exposure than anyone else in the industry, and the company plans to use the power of its 8 million magazines along with its network of nearly 30 online partners delivering millions of unique users, and its direct mail channel to provide massive reach to more than 50 million consumers, as well as spread the good news in this market.

In fact, The Real Estate Book has been helping real estate professionals connect with buyers and sellers for over 30 years, delivering credible, proven results in over 500 markets across the U.S., Canada, Mexico and the Caribbean.

Dixon adds, “in this business it’s important to work with a media partner you trust, one who knows how to reach your best prospects – locally, nationally, and globally. It’s hard to muster up the confidence and know where to steer the boat when the market is in a downturn. But for our customers, we do all the legwork for them, and they benefit from getting the best leads. And for consumers, they can rest easy knowing that they are going to find an agent who is experienced and actively engaged in helping them find or sell a home faster and better than anyone else.”

That’s the magic of The Real Estate Book, and it is the one thing you can turn to and trust despite the shifts of the market.

For more information on how The Real Estate Book can help you “survive and thrive” in today’s housing market, go to: www.RealEstateBookMediaKit.com/confidence.

To request a book or search online for a property to buy in your market, go to www.RealEstateBook.com or call 1-800-643-1174.

The Real Estate Book is published by Network Communications, Inc.

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HGTV’s FrontDoor.com Real Estate Offers the Top 10 Unique Selling Tactics to Lure Potential Buyers

BUSINESS WIRE --Say goodbye to the days when baking a batch of cookies and putting out fresh flowers before an open house would be enough to sell your home. In today's market, it takes more than that to attract buyers, and frustrated home sellers are resorting to some unusual methods to get their homes noticed. From clever to downright bizarre, FrontDoor.com – HGTV’s new award-winning real estate site – shares its top ten favorite unusual home selling tactics. (http://www.frontdoor.com/top10)

1. Hold an open house party. Open houses are the norm when selling a home, but some sellers are upping the ante on the open house by offering wine, catered food, live music and prizes. A fancy shindig could start a buzz on your property and make your home memorable.

2. Take home staging to the extreme. It's well known that staging your home can help it sell faster, but some sellers are taking staging a step further with an ancient Chinese philosophy. Feng shui stagers rearrange the elements of a home to improve its chi, or energy. Good chi makes potential buyers feel more welcome.

3. Help serious buyers with financing. Many people who want to buy a home can't qualify for a standard mortgage right now, so sellers are offering a helping hand. Sellers have a few options when it comes to assisting buyers with financing, including offering lease-to-own deals, offering financing themselves, paying for closing costs or paying for points to lower the interest rate.

4. Have a little faith. Burying statues or medals of St. Joseph in the earth is a tradition that dates back hundreds of years. Most recently, home sellers have been burying the patron saint of family and household needs in their yards to help their homes sell faster. Thousands of sellers swear that a little divine intervention helped them get a sale.

5. Throw in some extravagant extras. In the past, a free big-screen TV was enough of an incentive to get your home noticed. Times have changed, and incentives are becoming more and more substantial. Sellers are throwing in all kinds of goodies, like free cars, vacations, pricey home upgrades and monetary incentives like a year's mortgage or a furniture stipend. One woman in Florida is even offering herself as an incentive – she hopes to marry the man who buys her home.

6. Make your home a grand prize. After conventional methods fall short, some sellers are holding raffles and essay contests and giving their homes to the winners. This method is sure to draw attention, but beware: home lotteries are illegal in many states, so find out your state's regulations.

7. Get Web savvy. If the traditional method of selling your home through a real estate agent doesn't appeal to you, you may find an alternative process on the Web. Some sellers are auctioning off their homes on eBay, while others are swapping properties through sites like Pad4Pad.com and DomuSwap.com.

8. Let your house do the talking. After taking the traditional route of putting a For Sale sign in your front yard and placing an ad in the newspaper, try some hi-tech advertising. Some sellers and agents are using the Talking House radio transmitter, which allows you to record a customized message about the features of your home. Buyers can tune into a radio station to hear this message as they drive by your house.

9. Put your house on the auction block. Auctions are no longer just for homes that have been foreclosed on. Sellers looking to sell their homes quickly are choosing the auction route. Keep in mind that the total costs of auctioning off a home are often the same or more than the costs of selling a home through an agent.

10. Let buyers sleep on it. For serious potential buyers who are on the fence about buying your home, let them sleep on it, literally. By letting buyers spend the night in your home, you're allowing them to get the full experience of living there. A trial run could be just what they need to sign on the dotted line. Be sure to consult with your real estate agent or attorney first.

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