More Than 230 Homes to Hit Auction Block in Kansas City

""Hudson & Marshall of Texas, Inc."":http://www.hudsonandmarshall.com/default.aspx, (H&M) announced Tuesday that it is planning to auction off more than 230 Kansas City homes in a two-day receiver's auction to be held on May 14 and May 15.

[IMAGE]

""For buyers looking to take advantage of today's real estate market, purchase property at a huge savings, and hold onto it until the market rebounds, this auction is the ideal buying opportunity,"" said Dave Webb, principal at Hudson & Marshall.

The properties to be included in the auction are valued from $2,000 to $94,000 and come with an insurable title

[COLUMN_BREAK]

and no back taxes or liens. In an effort to quickly sell these homes, most will be sold absolute â€" no minimum and no reserve bids â€" to the highest bidder regardless of price.

Many of the properties being auctioned have been renovated, and about 75 are currently leased and/or qualify for Section 8 housing, making them ideal income-producing properties for investors, H&M said. Through the Section 8 program, HUD provides low-income families with vouchers for up to 80 percent of monthly market rate rent, which is paid directly to the landlord.

Because all homes will be sold ""as-is,"" H&M encourages interested buyers to inspect properties before placing any bids. Winning bidders will be required to make a cash or certified check deposit of $1,000 for each property they purchase.

Prior to the auction, buyers can purchase property online through the H&M Web site. However, pre-auction offers are subject to seller's confirmation, which means sellers have the right to accept, reject, or counter any bid.

H&M has sold more than 80,000 homes for sellers in the past 10 years, and its total sales have topped $2.2 billion over the past five years alone. By the end of the year, the company expects to sell another 15,000 homes.