Regional Spotlight: Over 400 Foreclosed Homes Hit Auction Block in Northern California

RISMEDIA, July 9, 2007—As the housing market continues to free fall and foreclosures climb, more buyers are turning to real estate auctions to find great deals. Hudson & Marshall, a real estate auction firm of foreclosed property, will auction over 400 northern California homes on July 17-22, 2007. The homes have been repossessed by banks and other national lenders. Valued from $100,000 to more than $800,000, the homes come with guaranteed title insurance paid by the seller, ensuring all properties are free of any back taxes or liens.

“Buying foreclosed property at a real estate auction is a convenient and easy way to purchase homes at significant discount because sellers want to quickly move non-performing loans off their books,” said Dave Webb, principal, Hudson & Marshall. “It’s not unusual for some properties to sell at auction for 70%-80% of their list price. This is truly a buying opportunity not to be missed,” added Webb.

Real estate auctions are gaining popularity among sellers as a quick way to dispose of property in a slow housing market. According to the National Auctioneers Association, the fastest growing sector of the $257.2 billion auction industry is residential real estate auctions, which jumped 12.5% in 2006, generating $16 billion.

A flat real estate market isn’t the only thing fueling auction sales. Soaring foreclosures nationwide are also contributing to the increase in real estate auctions. According to Realtytrac(R), California leads the nation with the largest number of foreclosures for the fifth straight month in a row, reporting a total of 39,659 foreclosures in May.

Dallas based Hudson & Marshall will auction the northern California homes in various cities on the following days: July 17 in Fresno; July 18 in Salinas; July 19 in Modesto; July 21 in San Francisco; and July 22 in Sacramento.

All properties are sold “as is” and potential buyers should inspect homes prior to auction, so they know what they are bidding on. Interested buyers can visit properties during open house events scheduled for July 14th and 15th from 1:00pm-3:00pm. Winning bidders will be required to make a down payment of 5% of the selling price or $2500, whichever is greater, in the form of cash or check.

Buyers can also submit bids for properties online prior to auction by using Hudson & Marshall’s easy Bid Now program available on its Web site. Usually buyers will receive a response from sellers within 24 hours.

According to the company, in the last eight years alone, Hudson & Marshall has sold over 40,000 foreclosed homes for national lenders and asset management companies, making the company an expert in moving large volumes of property with speed. Using an aggressive marketing strategy, Hudson & Marshall ensures properties get maximum exposure prior to auction to generate consumer interest in the sale.

For more information, visit http://www.hudsonandmarshall.com/.

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