Overbuilding and a high rate of foreclosures have toppled Florida’s housing market, making it one of the worst in the nation. With ample supply to choose from, savvy buyers are turning their attention to bank-owned foreclosure auctions. One of America’s largest foreclosed real estate auction firms, ""Hudson & Marshall"":http://www.hudsonandmarshall.com, will auction nearly 700 homes throughout cities in Florida from December 2-7, and to attract more qualified buyers, the company is increasing its buyer agent commission from 2 to 3 percent.
""We launched this incentive program to accelerate the sale of these homes and help reduce the number of vacant properties on the market, which will assist in restoring neighborhoods,"" said Dave Webb, principal, Hudson & Marshall.
Unlike other real estate owned (REO) auction firms, Hudson & Marshall retains the banks’ listing agents to better market properties to prospective buyers, the company explained. Having marketed the foreclosures for many months, listing agents have extensive knowledge that can help buyers understand a property’s market value so they can be successful bidders, Hudson & Marshall said.
In October, foreclosures climbed to new heights in Florida. According to ""Realtytrac"":http://www.realtytrac.com/ContentManagement/pressrelease.aspxxChannelID=9&ItemID=5420&accnt=64847, during the month, Florida’s foreclosure rate reached the third highest in the nation with one in every 157 homes receiving a foreclosure filing. A total of 54,324 properties in the state reported foreclosure filings last month, an increase of 80 percent from October 2007.
No pre-registration is required for Hudson & Marshall's Florida auction, and prospective buyers can visit scheduled open houses or schedule an appointment with the listing agent. Prior to auction, buyers can also purchase property online through Hudson & Marshall's ""Web site"":http://www.hudsonandmarshall.com, where sellers typically respond to offers within 24 hours. The Florida event is a reserve auction, which means sellers have the right to accept, reject, or counter any bid. However, in past auctions, Hudson & Marshall says the majority of offers have been accepted.
Hudson & Marshall, based in Dallas, Texas has sold over 70,000 homes nationwide in the past eight years. 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. Over the past five years alone, Hudson & Marshall’s total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2009.
For a complete list of properties, schedule, and additional information about Hudson & Marshall's Florida auction, ""click here"":http://www.hudsonandmarshall.com/PropertyListings.aspxxaId=20.