Chicago Foreclosure Auction

Hudson & Marshall will auction nearly 120 bank-owned Chicago area foreclosures on November 2, 2008 at 1:00pm at the Chicago Marriott Southwest at Burr Ridge.

“Buyers, particularly first time homebuyers, should take advantage of this housing slump and jump into the market,” remarked Dave Webb, Principal, Hudson & Marshall. “Right now there are lots of bank-owned foreclosures on the market and lenders eager to sell them at discounted prices but this won’t last forever,” added Webb.

According to the Commerce Department report issued this week, the median sales price of new houses sold in September 2008 was $218,400. While home sales increased slightly during the month of September, they were down 33.1% compared to September 2007. In the mid-west home sales fell 37.5% compared to the same time a year ago.

Valued from about $10,000 to over $300,000, the homes being auctioned in Chicago come with guaranteed title insurance paid for by the sellers. Winning bidders will be required to make a $2,500 deposit in the form cash or certified funds for each property, which they are the successful bidder. Prior to the auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers usually 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 70,000 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 2009.

Auction info