Wednesday, January 2, 2008

Auction of Over 500 Foreclosed Atlanta Homes Likely to Lure Buyers With Bonanza of Deals

Valued from $30,000 to nearly $700,000, Bank-Owned Homes in Atlanta and other Georgia Cities Will Be Auctioned January 15th - 20th

ATLANTA, Jan. 2 /PRNewswire-USNewswire/ -- In a slumped housing market, continually hamstrung by falling home values and soaring foreclosures, picky buyers are in hot pursuit of discounted property. As prices continue their decline, homebuyers are flocking to foreclosed real estate auctions to find bargains. Hudson & Marshall, America's largest auction firm of foreclosed (bank owned) real estate, will auction more than 500 homes in Atlanta and nearly 100 homes in other cities throughout Georgia on January 15th - 20th at various locations.

Valued from $30,000 to nearly $700,000, the homes come with title insurance paid for by the sellers. There are no minimum starting bids on the properties. The buyers dictate the bidding. Interested buyers may register to bid on site the day of the auction and winning high bidders will be required to make a cash or check deposit of $2500 or 5% of the total sales price, whichever is greater. All properties are sold "as is" and buyers are encouraged to inspect homes prior to auction. Most homes will be open for inspection January 5th and 6th from 1:00 pm - 3:00 pm. Property listings may be found at www.hudsonandmarshall.com.

"The meltdown in subprime mortgages has pushed more foreclosures into America's overstocked housing market and sellers, especially banks holding foreclosed homes, are turning to auctions to quickly dispose of properties. Auctions are a win-win for banks anxious to sell foreclosed homes and buyers in search of discounts," said Dave Webb, principal, Hudson & Marshall. "The auction's open and competitive bidding process eliminates speculation and negotiation, allowing the home to be sold quickly for its true market value," added Webb.
According to Realtytrac(R), Georgia ranked 7th in the nation among states with high foreclosure rates, reporting one foreclosure filing for every 421 households for a total of 8,968 filings in November 2007. The spike in foreclosures nationwide resulted from borrowers defaulting on subprime adjustable rate mortgages (ARMs) issued in recent years. Primarily made to borrowers with bad credit or undocumented income, these loans started with low teaser rates that reset to higher rates in the second or third year, making the loans unaffordable for many borrowers.

Hudson & Marshall will auction over 500 Atlanta homes on January 16 and 17 at 7:00 pm at the Atlanta Marriott Perimeter Center and January 19 and 20 at 1:00 pm at the Hilton Atlanta. Other homes will be auctioned in cities throughout Georgia on the following days: January 15 in Athens; January 16 in Macon; January 17 in Ellijay; and January 18 in McDonough. All the homes have been repossessed by the banks and are known as foreclosed or Real Estate Owned (REO) homes.

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. This is a reserve auction, which means the sellers have the right to accept or reject any offer or "highest bid." In past auctions conducted by Hudson & Marshall, over 90% 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.

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