In response to the influx of foreclosed homes on the market, the real estate auction firm ""Hudson & Marshall of Texas, Inc.,"":http://www.hudsonandmarshall.com/default.aspx (H&M) is auctioning nearly 200 bank-owned homes this week in cities throughout Arizona, Colorado, and Nevada.[IMAGE]
""In many cities across the country, bank-owned homes remain the most sought after properties on the block,"" said Dave Webb, principal of H&M. ""Because many foreclosed homes have been listed for three months or longer without[COLUMN_BREAK]
selling, it is not unusual for these foreclosed properties to sell at auction at a 15 percent to 20percent discount.""
This week's auctions started July 20 and will continue through July 24. The majority of the properties - 100 - will be auctioned on July 24 in Phoenix.
The properties up for bid are valued from about $18,000 to more than $450,000, and all come with an insurable title and no back taxes or liens.
Because all homes being auctioned are sold ""as is,"" H&M encourages buyers to inspect properties before placing any bids. This week's events are reserve auctions, which means sellers have the right to accept, reject, or counter any bid. Winning bidders will be required to make a cash or certified check deposit of $2,500 for each property they purchase.
H&M has sold more than 80,000 homes over the past 10 years and anticipates selling another 15,000 homes this year. The company 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 maximizes return.