In an effort to help reduce the surplus of vacant homes sitting on the market, ""Hudson & Marshall"":http://www.hudsonandmarshall.com has developed the Alliance Network Program to attract more buyers and tenants in search of affordable housing to its auctions.
Hudson & Marshall said the program will be an integral part of its auction of over 300 bank-owned foreclosures in Atlanta on March 13th -15th. Hudson & Marshall (H&M) is headquartered in Dallas, Texas, but performs REO auctions across the country.
The company's new community outreach initiative leverages relationships with local organizations in cities where H&M conducts auctions. H&M explained that the objective is not only to expand the number of qualified owner-occupant buyers looking for discounted homes, but also connect investors with tenants in need of homes. H&M first launched the Alliance Network Program in January at its Detroit auction and will offer it in other cities throughout the year.
Dave Webb, principal, Hudson & Marshall, said the program reflects the company’s desire to help communities turn around their local housing markets. ""This is a complete housing solution, connecting home buyers with homes, and investors with resources they need to turn their purchases into revenue generating properties,"" Webb said.
As part of Hudson & Marshall’s Atlanta Alliance Network Program, the company will encourage investors attending the Atlanta auction, who are in search of tenants, to list their properties with the ""Atlanta Housing Authority"":http://www.atlantahousing.org (AHA) database. Through its ""Quality of Life Initiative"":http://www.atlantahousing.org/portfolio/index.cfmxfuseaction=qli (QLI), the AHA no longer places low-income families in conventional public housing projects but instead offers families housing throughout mixed income neighborhoods in Atlanta. As part of the QLI, the Department of Housing and Urban Development (HUD) provides families with Section 8 rental vouchers for up to 80 percent of a monthly market rate rent, which is paid directly to a landlord.
""HomeFree USA"":http://www.homefreeusa.org, a national non-profit homeownership counseling organization, has also agreed to refer qualified home buyers and tenants from its program to H&M's Atlanta auction. Since 1995, HomeFree USA has educated over 20,000 families about credit, mortgage financing, and homeownership, and helped more than 2,400 families purchase homes. The non-profit group boasts a zero foreclosure rate among its members, due to its ""unparalleled model for providing pre-purchase counseling and education and post-purchase follow-up.""
Other components of H&M’s community outreach program in Atlanta include inviting property managers and contractors to the auction as resources for investor buyers who need to make improvements to their properties. Several lenders also will be at the auction to offer finance options to prospective buyers and answer questions about home loans. In addition, all the homes being auctioned in Atlanta come with title insurance paid for by the sellers, ensuring there are no back taxes or liens on the property.
H&M explained that its accelerated sales process enables the auction company to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, H&M’s total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2009.