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Massive Auction of 600 Foreclosed Homes Sweeps through Arizona

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RISMEDIA, November 4, 2010—A flood of 600 foreclosed homes will head to the auction block in Phoenix, Tucson and Kingman from November 9-14. Hudson & Marshall, a leading real estate auction firm, will auction the properties. In a market like Arizona, where housing values have plummeted over the past four years, buyers can score significant discounts on homes purchased through auction because banks are eager to move them off their books.

Valued from $59,000-$1.6 million, there are a variety of homes for both investor and owner-occupant buyers to choose from and all the homes come with an insurable title. Buyers will be required to make a cash or certified check deposit of $2,500 for each property for which they are the winning bidder. All sales will close within 30-45 days and buyers may secure financing with the lender of their choice prior to closing; however, closing is not contingent upon financing.

“In today’s bruised housing market, it’s a good time for people buy. First-time home buyers or those looking to trade up for more space can really get more for their money by purchasing homes at auction,” said Dave Webb, principal, Hudson & Marshall.

According to RealtyTrac, the Phoenix-Mesa-Scottsdale area posted the nation’s eighth highest metro foreclosure rate in the third quarter of 2010, with one in every 44 housing units receiving a foreclosure filing. Phoenix also reported 14,317 bank-owned homes during the third quarter, the most of any metro area.

All properties auctioned by Hudson & Marshall are sold “as-is” and buyers should inspect properties before placing any bids. Properties can be viewed during the open house scheduled Saturday, November 6th and Sunday, November 7th from 1:00 pm-3:00 pm or by contacting listing agents to schedule appointments.

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:
November 9th – Kingman (22 homes) at 7:00pm – Hampton Inn & Suites Kingman
November 10th -Tucson (94 homes) at 6:00pm – Tucson Marriott University Park
November 11th – Phoenix (110 homes) at 6:00pm – Camelback Inn, JW Marriott Resort
November 13th – Phoenix (201 homes) at 1:00pm – Camelback Inn, JW Marriott Resort
November 14th – Phoenix (175 homes) at 1:00pm – Camelback Inn, JW Marriott Resort

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.

For more information, visit www.hudsonandmarshall.com.

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