Deals Abound for Buyers at Auction of Over 200 San Francisco Area Foreclosed Homes

. February 5, 2008

SAN FRANCISCO, Calif., Feb. 5 – America’s housing market may be fledging but with interest rates hitting historic lows and home prices falling, now is a great time to buy. With the market in their favor, more buyers are heading to foreclosed real estate auctions because they can purchase property at significant discounts. Hudson & Marshall, the country’s largest foreclosed real estate auction firm, will auction over 200 bank owned homes in the San Francisco area on February 16th at 11:00am and February 17th at 1:00pm at the Hilton Oakland Airport.

Valued from about $160,000 to over $600,000, each bank-owned or foreclosed home 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. Hudson & Marshall sets no minimum starting bids. Buyers can register on site the day of the auction. Complete auction details and property listings are available at http://www.hudsonandmarshall.com.

“Lower interest rates are enticing buyers back into the housing market and with prices descending and inventory climbing, there’s no better time to buy property,” said Dave Webb, principal, Hudson & Marshall. “Foreclosed real estate auctions like those held by Hudson & Marshall offer homebuyers and investors the opportunity to buy property well-under market value because banks are eager to dispose of these homes,” remarked Webb.

The nation’s weak housing market is characterized by plummeting values, high foreclosures and a glut of inventory. According to the National Association of Realtors, existing home sales in 2007 reached a total of 5,652,000 a 12.8% decrease from 6,478,000 sales in 2006. At the current sales pace, there is a 9.6 month supply of homes for sale.

Foreclosure filings increased 75% in 2007 from filings in 2006. According to Realtytrac(R), there were more than 2.2 million foreclosure filings on nearly 1.3 Million properties in 2007. California ranked fourth in the nation among states with high foreclosure rates in 2007 for a total of 481,392 filings.

Hudson & Marshall will auction over 200 bank-owned homes in the San Francisco area on February 16th at 11:00am and February 17th at 1:00pm at the Hilton Oakland Airport. Winning bidders will be required to make a cash or personal check deposit of 5% of the total sales price and contracts close within 30 days.

All properties are sold “as is” and buyers are encouraged to view homes prior to auction during the open house scheduled for February 9-10 from 1:00pm-3:00pm or by contacting listing agents for an appointment.

Prior to the auction, buyers can purchase property online by visiting http://www.hudsonandmarshall.com and clicking on the Bid Now icon and submitting a bid. 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.

Having sold over 50,000 homes for sellers in the past eight years, Hudson & Marshall is the undisputed 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. 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 http://www.hudsonandmarshall.com.

Hudson & Marshall of Texas Inc.
CONTACT: Crystal Wright, +1-202-829-0848, for Hudson & Marshall of Texas
Inc.

Web site: http://www.hudsonandmarshall.com/

Category: Auction News

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