Valued from $50,000 to over $800,000, the Homes Will Be Auctioned October 15-21 in Daytona Beach, Destin, Fort Lauderdale/Miami, Fort Myers, Jacksonville, Melbourne, Orlando, and Tampa
MIAMI, Oct. 10 /PRNewswire/ — Home prices keep tumbling and foreclosures keep rising like a tsunami across the country, adding more inventory to a market bursting over with supply. As prices continue their descent, buyers are snapping up homes at discounted prices and turning more than ever to real estate auctions to find bargains. Hudson & Marshall, the country's largest foreclosed real estate auction firm, will auction over 400 homes located in cities throughout Florida on October 15-21. Over 150 homes will be auctioned in Fort Lauderdale/Miami, about 70 homes in Orlando, nearly 100 homes in Tampa and about 75 homes in Fort Myers.
Valued from $50,000 to over $800,000, the foreclosed homes, also known as Real Estate Owned (REO), are no longer owned by individual homeowners. They have been purchased back by national lenders and come with guaranteed title insurance. Winning bidders will be required to make cash or check down payment of 5% of the purchase price or $2500, whichever is greater. To view the entire auction schedule and property listings, please visit http://www.hudsonandmarshall.com.
“The housing market will correct itself but right now it's a buyer's market and there's tons of inventory to choose from at great values,” said Dave Webb, principal, Hudson & Marshall. “Several years ago, Hudson & Marshall saw more investors coming to our auctions. Now we see a growing number of owner occupant buyers purchasing homes through auction because they can buy property at significant discounts,” added Webb.
Hudson & Marshall will auction over 400 foreclosed homes in cities throughout Florida on the following dates: October 15th in Destin; October 16th in Jacksonville; October 17th in Daytona Beach and Orlando; October 18th in Fort Myers and Melbourne; October 20th in Fort Lauderdale/Miami; and October 21st in Tampa.
All properties are sold “as is” and potential buyers are encouraged to visit homes prior to placing bids. Open house events are scheduled October 13th and 14th from 1:00pm-3:00pm or by appointment. No pre-registration is required. Buyers also can purchase property online prior to the auction using the company's Bid Now program, which allows buyers to submit bids at http://www.hudsonandmarshall.com and get immediate responses from sellers in as little as 24 hours. Typically, about 20% of properties will sell prior to auction through the company's online sales program.
The foreclosure rate in Florida is mounting. According to Realtytrac(R), the state reported 33,932 in August 2007, one foreclosure filing for every 243 households, ranking Florida the third highest state in the nation for foreclosures. Overbuilding in Florida in the past few years is also contributing to the glut of homes in the state and driving down prices.
Default rates on subprime adjustable rate mortgages (ARMs), made to borrowers with blemished credit, accounted for most of the foreclosures in 2006-2007 and will continue to drive foreclosures into 2008. These loans lure borrowers with initial interest only and low teaser rates that generally skyrocket to higher rates in the second or third year of the loan, making these mortgages unaffordable for many borrowers. Some analysts predict more than 2 million homes will become delinquent and/or enter foreclosure by year's end.
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.
Contact: Crystal Wright
Public Relations Strategist
SOURCE Hudson & Marshall of Texas Inc.
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