This is the same thing that happenned in the late 80’s with the foreclosure boom. The economists are saying the current foreclosure boom is going to be bigger because of the subprime mortgage crisis. Thi is just the tip of the iceberg. You must know what you’re doing at these foreclosure auctions. The buyer or the lender can lose big time.
D.C.
MIAMI, March 28, 2008 /Over 500 Homes throughout State Auctioned April 7-13 by Hudson & Marshall
Surging foreclosures in Florida are sending home prices south and luring buyers back into the market. According to the Mortgage Bankers Association, the rate of foreclosure starts in Florida more than tripled between the fourth quarter of 2006 and the fourth quarter of 2007. As home prices keep diving, more buyers are flocking to foreclosed real estate auctions to find great values on homes.
On April 7-13, America’s largest foreclosure auction firm, Hudson & Marshall will auction over 500 foreclosed or bank-owned homes throughout cities in Florida. About 200 homes will be auctioned in Miami alone. Nearly a hundred will be auctioned in Orlando and about 80 in Tampa. Valued from $34,000 to over $700,000, all homes come with guaranteed title insurance paid for by the sellers.
“Over-building and the disproportionate number of foreclosures in Florida compared to other states has severely weakened Florida’s real estate market,” remarked Dave Webb, principal, Hudson & Marshall. “But for buyers who were priced out of the market during the boom years, foreclosed homes are a great deal because banks don’t want to continue holding these bad mortgages on their balance sheets and are willing to sell them at discounts,” added Webb.
The Standard & Poor’s Case-Schiller Home Price Indices found in January 2008 home prices of single family homes in the US continued their downward trend. According to the data, of the 20 metro areas tracked, Las Vegas and Miami reported declines of 19.3%, the steepest decline among metro areas nationwide.
Hudson & Marshall will auction over 500 homes throughout Florida on the following dates: April 7th in Destin; April 8th in Fort Myers and Jacksonville; April 9th in Daytona and Port Charlotte; April 10th in Port St. Lucie, Melbourne and Tampa; April 12th in Miami/Fort Lauderdale; and April 13th in Orlando. All homes are sold “as-is” and prospective buyers should preview all properties prior to placing bids.
There will be an open house for all properties April 5th and 6th from 1:00pm-3:00pm. Buyers may also contact listing agents to schedule appointments to inspect properties. Complete auction details and property listings may be found at www.hudsonandmarshall.com or by calling 866-539-4172.
Winning bidders will be required to make a cash or check deposit of $2500 or 5% of the total sales price, whichever is greater. Prior to the auction, buyers can purchase property online by visiting www.hudsonandmarshall.com and clicking on the Bid Now icon. Sellers usually respond to offers within 24 hours. 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.
About Hudson & Marshall of Texas Inc.
H&M is America’s Premier Auction Authority. Our 40-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 Wright
Public Relations Strategist
202/829-0848
SOURCE Hudson & Marshall of Texas Inc.
http://www.hudsonandmarshall.com
