Over 300 Bank-Owned Homes Hit Auction Block in Buckeye State While Another 50 Pittsburgh Homes Are Auctioned

    Over 300 Bank-Owned Homes Hit Auction Block in Buckeye State While Another 50 Pittsburgh Homes Are Auctioned

    Homes Are Valued from as Little as $500 to Nearly $130,000

    CLEVELAND, Jan. 21 /PRNewswire-USNewswire/ — As home prices drop and foreclosures swell, particularly in states like Ohio, buyers are increasingly flocking to foreclosed real estate auctions to find discounted property. Auctions of foreclosed homes, also known as bank-owned, give buyers an opportunity to purchase property below market value because banks are eager to dispose of these non-performing loans. Hudson & Marshall, America’s largest foreclosed real estate auction firm, will auction about 324 homes throughout Ohio and over 50 Pittsburgh homes on January 22-27.

    Valued from as little as $500 to nearly $130,000, all homes come with guaranteed title insurance paid for by the sellers, ensuring there are no back taxes or liens on the properties. Winning high bidders will be required to make a cash or check deposit of 5% of the total sales price the day of the sale. All properties are sold “as is” and buyers are encouraged to inspect homes prior to auction. Most homes can be viewed by contacting the broker for each listed property. Property listings and complete auction information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

    “In today’s oversupplied market it is the home’s price that attracts buyers, which is why we see more buyers using the auction method to purchase foreclosed property because they know they can find attractive prices,” commented

    Dave Webb, principal, Hudson & Marshall. “Unlike some other auction firms, Hudson & Marshall doesn’t set minimum starting bids on properties; we let the buyers start the bidding at what they believe the homes are worth. No pre-registration is required; buyers can register the day of the auction,” added Webb.Ohio is getting pounded by foreclosures, ranking third among the states for its high foreclosure rate of one foreclosure filing for every 307 households for a total of 16,308 foreclosure filings in November 2007. Nearly Hudson & Marshall will auction the Ohio and Pittsburgh homes on the following dates: January 22 in Cincinnati; January 23 in Dayton and Columbus, January 24 in Mansfield, Northwest Ohio and Pittsburgh, January 25 in Sandusky and Youngstown; January 26 in Cleveland; and January 27 in Akron/Canton. All the homes have been repossessed by the banks and are known as foreclosed or Real Estate Owned (REO) homes. Nearly 170 homes will be auctioned in Cleveland.Prior to the auction, buyers can purchase property online by visiting www.hudsonandmarshall.com and clicking on the Bid Now icon and submitting a bid. Sellers usually respond to offers within 24 hours. Nearly 20% of properties are sold online before auction. 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. From marketing to selling and closing, 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 www.hudsonandmarshall.com.

    CONTACT:

    Crystal WrightBaker Wright Group202/828-0848

    SOURCE Hudson & Marshall of Texas Inc.

    © 2007 PR Newswire. All Rights Reserved.

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