As foreclosures continue proliferating across the country, buyer demand for these properties is also growing because they can be purchased at a discount. For buyers who were shut out of the housing market during the boom years of escalating home prices, foreclosures make homebuying affordable. Real estate auction firm Hudson & Marshall will auction over 400 bank-owned foreclosures in cities throughout Ohio and Pennsylvania April 20th - 26th. About 80 homes will be auctioned in Cleveland on April 25th.
According to RealtyTrac, foreclosure filings nationwide ballooned to 341,180 in March 2009, jumping 45% from a year ago. Ohio reported 12,611 filings in March, ranking 11th with its foreclosure rate, one of the highest among the states. Pennsylvania reported a total of 4,943 foreclosure filings for the month, earning it the 32nd spot.
"Over the past two years, we've seen the crowds steadily increase at our bank-owned foreclosure auctions because people have begun to realize they can get purchase property quickly at a great value," said Dave Webb, principal, Hudson & Marshall. "Because auctions sell large volumes of property at one time, we're able to help cities reduce the number of vacant homes dragging down property values and bringing blight to neighborhoods," added Webb.
The homes up for auction 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 on which they are the winning bidder. Before the auction, buyers should try to get pre-approved for a loan so they know how much they can bid on a property.
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.
Homes will be auctioned on the following dates:
April 20th - Cincinnati (32 homes) at 7:00pm-Cincinnati Marriott Northeast
April 20th - Chillicothe, OH (6 homes) at 1:00pm-Comfort Inn Chillicothe
April 20th - Mansfield, OH (11 homes) at 1:00pm-Holiday Inn Hotel & Suites, Mansfield
April 21st - Toledo (38 homes) at 7:00pm-Hilton Garden Inn (38 homes)
April 21st - Dayton (47 homes) at 1:00pm-Dayton Marriott
April 21st - Stroudsburg/Scranton (22 homes) at 7:30pm-Hilton Scranton & Conf. Center
April 21st - Philadelphia (19 homes) at 1:00pm-Hilton Garden Inn-Philadelphia/Ft. Washington
April 22nd - Columbus (35 homes) at 7:00pm-Columbus Airport Marriott
April 22nd - York, PA (11 homes) at 7:00pm)-Holiday Inn Harrisburg
April 23rd - Pittsburgh (34 homes) at 7:00pm-Pittsburgh Airport Marriott
April 24th - Youngstown (30 homes) at 1:00pm-Holiday Inn Youngstown South
April 25th - Cleveland (81 homes) at 1:00pm-Cleveland Airport Marriott
April 26th - Canton/Akron (47 homes) at 1:00pm-McKinley Grand Hotel
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.
