Homebuyers Will Find Array of Bargains at Auction of Over 250 Detroit Foreclosures

In states like Michigan where foreclosures are abundant, buyers are eager to purchase bank-owned homes because they usually sell well below their market value. According to RealtyTrac, in March, Michigan reported the 9th highest foreclosure rate among the states, with 12,417 properties receiving filings. America's leading real estate owned (REO) auction firm, Hudson & Marshall will auction over 250 bank-owned homes in Detroit May 2nd and 3rd at 1:00 pm at the Doubletree Hotel Dearborn.

"We're seeing more owner-occupant buyers choosing to purchase foreclosures because they're great values in today's market," commented Dave Webb, Principal, Hudson & Marshall. "When buyers compare a home listed for sale with a comparable foreclosure in the same neighborhood, they're asking themselves why pay more for the same type of property," added Webb.

There is a wide selection of homes in the Detroit auction, valued from $1000 to nearly $400,000, for both investors and first-time homebuyers to choose from. All homes come with a clean, insurable title paid for by the sellers. Buyers will be required to make a $1,000 deposit with a certified check or cash on each property for which they are the winning bidder.

All homes being auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties before placing any bids. Buyers may contact listing agents to make appointments to view homes. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

The Detroit auction also will feature Hudson & Marshall's Alliance Network Program, a community outreach initiative created to attract more buyers and tenants in search of affordable housing to its auctions. Hudson & Marshall has partnered with local organizations that will be on site during the auction to answer questions and provide resources to buyers.

National Faith HomeBuyers Program, a non-profit organization counseling families on homeownership, will refer buyers and tenants who have completed its program to the auction. The tenant referral program is designed to help connect investor buyers, purchasing homes at the auction, with tenants in need of immediate housing. Several lenders also will attend the auction to answer questions and assist buyers with their mortgage needs. Additionally, TCN Construction Group, a contracting firm and APD Solutions, a property management company will be available during the auction to offer their services to investors.

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 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.