Over 100 Foreclosed Homes to be Auctioned in Arizona and Nevada

The real estate market is swimming with foreclosures in states like Arizona and Nevada, and banks are aggressively discounting these properties at auctions to move them off the books. As a result, distressed properties are becoming some of the most sought after homes for buyers, according to ""Hudson & Marshall of Texas, Inc."":http://www.hudsonandmarshall.com/default.aspx (H&M), a foreclosure auction firm.

[IMAGE]

In an announcement Friday, H&M said it will auction 115 homes in Arizona and another 12 homes in Nevada in various cities across the states from January 20-23. Valued from $35,000 to $525,000, all the homes come with insurable title and have no back taxes or liens.

""In today's economic environment, consumers want to get the most out of their dollars and are looking for savings on everything, especially homes,"" said Dave Webb, principal

[COLUMN_BREAK]

at H&M. ""Buyers want to purchase bank-owned homes because they usually can be bought at auction for a 15 percent to 20 percent discount off the last list price.""

According to RealtyTrac, an online marketplace of foreclosure properties, foreclosures surged 21 percent in 2009. Up from 2.8 filings in 2008, foreclosure filings in 2009 topped 3.9 million. With 10 percent of homes receiving a filing in 2009, Nevada posted the highest foreclosure rate in the nation, and Arizona came in second with 6 percent of homes receiving a filing.

All homes auctioned by H&M are sold ""as-is,"" and buyers are encouraged to inspect properties before placing any bids. Winning bidders will be required to make a cash or certified check deposit of $5,000. Prior to the auction, buyers can place bids online, and sellers will typically respond within 24 hours. As this is a reserve auction, sellers have the right to accept, reject, or counter any bid. However, in past auctions conducted by H&M, the majority of offers have been accepted.

H&M has sold over 80,000 homes for sellers in the past eight years, and over the past five years, the company's total sales have topped $1.2 billion. H&M says its accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximized return. As a result, H&M expects to sell another 30,000 homes this year.