Buyers Hungry for Deals Likely to Find Many at Auction of Nearly 250 Los Angeles-Area Foreclosed Homes

. January 24, 2008

Plagued by a persistent tide of foreclosures, a surplus of inventory and falling prices, California’s housing market is one of the worst in the nation. Yet in this knocked out market buyers rule the roost and can find lots of deals on properties, particularly at auctions of bank-owned homes. Hudson & Marshall, America’s largest foreclosed real estate auction firm, will auction nearly 250 Los Angeles-area bank-owned homes on February 9th and 10th.

Valued from about $160,000 to over $600,000, each bank-owned home, also known as foreclosed, comes with guaranteed title insurance paid for by the sellers. All homes are vacant and have been repossessed by the banks because owners defaulted on their loans. Unlike some other auction firms, Hudson & Marshall has no minimum starting bids and doesn’t mislead buyers with inflated predications on what kind of savings they can expect. Buyers can register on site the day of the auction.

“There are lots of borrowers in California, specifically investors, defaulting on subprime adjustable rate mortgages (ARMs), which is driving up the foreclosure rate in the state and depressing home values,” said Dave Webb, principal, Hudson & Marshall. “We believe foreclosed real estate auctions like ours can help correct the housing problem by putting new owners into these vacant homes, which will help lift sagging home prices,” concluded Webb.

For buyers seeking discounted property in today’s weak real estate market, auctions are a terrific buying opportunity. Winning bidders will be required to make a cash or personal check deposit of $2500 or 5% of the total sales price, whichever is greater and contracts close within 30 days. All properties are sold “as is” and buyers are encouraged to view homes prior to auction and an open house scheduled for February 2nd and 3rd from 1:00pm-3:00pm. Complete auction details and property listings are available at www.hudsonandmarshall.com.

Historic low interest rates and frenzied price appreciation over the past several years led to more relaxed lending and an increase in subprime ARMs. These loans, made to people with blemished credit, start out with low teaser rates that reset to higher rates in the second or third year. The high default rate on these loans is driving up the foreclosure rates nationwide. According to the Mortgage Bankers Association’s National Delinquency Survey issued in September 2007, California has 17% of all the subprime loans issued in the country and over 19% of foreclosure starts on subprime ARMs.

Hudson & Marshall will auction the Los Angeles-area homes on Saturday, February 9th and Sunday, February 10th at 1:00 PM at the Sheraton Park Hotel at the Anaheim Resort in Anaheim, California.

Prior to the auction, buyers can purchase property online by visiting www.hudsonandmarshall.com and clicking on the Bid Now icon and submitting a bid. Sellers usually respond to offers within 24 hours. Nearly 20% of properties are sold online before auction. 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.

Having sold over 50,000 homes for sellers in the past eight years, Hudson & Marshall is the undisputed leader in the REO auction industry. From marketing to selling and closing, 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. In the past two years alone, Hudson & Marshall’s sales exceeded $400 million.

About Hudson & Marshall of Texas Inc.

H&M is America’s Premier Auction Authority. Our 38-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.

Website: http://www.hudsonandmarshall.com/

Category: Auction News

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