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America's
Foreclosure
Epidemic
Tragedy for Some, Opportunity for Others
 400 Homes
to be Auctioned Across Texas This Week
Valued from $9,000 to nearly $600,000, there is a Foreclosed Home for Every Type
of Buyer at Every Price
October 22-07
In a feeble housing market, where foreclosures continue to skyrocket
and home prices steadily dip, buyers can lasso some great deals on
property. With an estimated 2 million more homes expected to enter into
default or foreclosure by year's end, many buyers are gravitating to
foreclosed real estate auctions to purchase property at even bigger
discounts.
Hudson & Marshall, the country's largest foreclosed real estate
auction firm, will auction over 400 homes in cities throughout Texas
October 23-28 for national lenders and asset management companies, who
own the homes. Nearly 200 homes will be auctioned in Dallas and over 150
in Houston. All homes come with a clean title paid for by the sellers,
ensuring the property is free of back taxes or liens.
Auction locations include: Amarillo, Austin, Dallas, Houston,
Lubbock, McAllen, San Antonio, Tyler and Waco. Winning bidders will
be required to make a cash or personal check down payment of $2500 or 5%
of the total contract price. For more complete details visit http://www.hudsonandmarshall.com.
"Buyers who were pushed to the sidelines of the real estate market
several years ago because of escalating home prices, now have a chance
to jump in the market," said Dave Webb, principal Hudson &
Marshall. "Foreclosed property auctions like Hudson & Marshall's make it
even easier for first time homebuyers and investors to purchase homes at
a discount because our sellers are anxious to get these non-performing
loans off their
books," added Webb.
According to RealtyTrac (
www.RealtyTrac.com
 ), Texas ranks among the nation's top 10 states
for foreclosure filings, reporting 14,681 filings in September. The
foreclosure process starts when a homeowner is 60-90 days past due on a
mortgage payment and the lender sends a default notice. If the borrower
cannot pay the past due amount, the home enters into foreclosure and is
auctioned by the county or sheriff, depending on the state. If it
doesn't sell, the home is sold back to the bank and called "foreclosed"
or Real Estate Owned (REO) properties.
Valued from as little as $9,000 to nearly $600,000, all the Texas homes
being auctioned by Hudson & Marshall are REO properties. Lenders have
taken back the homes from the owners and the properties are vacant.
Hudson & Marshall will auction the homes on the following dates and
locations: October 23 in Amarillo and McAllen; October 24 in Lubbock and
San Antonio; October 25 in Austin and Tyler; October 26 in Waco; October
27 in Dallas and October 28 in Houston.
There are no minimum starting bids and buyers can register on site the
day of the auction. All properties are sold "as is" and buyers should
not bid on any property they haven't seen. Buyers can inspect homes
during the open house on October 20-21 from 1:00pm-3:00pm or by
appointment with the listing agent. Prior to the sale, buyers may also
place bids online at http://www.hudsonandmarshall.com by clicking "Bid
Now" and will usually receive a response from sellers within 24 hours.
While this is a reserve auction, where sellers have the right to accept
or reject any bid, in past auctions conducted by Hudson & Marshall, over
90% of bids were accepted.
Auctions are a fast and easy way to purchase property in a fun
environment without the hassles of negotiations that can delay a sale
through the traditional purchase method. Having sold over 50,000 homes
in the past eight years through auction, Hudson & Marshall is the
experienced leader in the REO auction business. Using its turn key
process, which includes an aggressive marketing program prior to each
auction, the company is able to move large volumes of property for
sellers in a very short
period of time.
Recently, Hudson & Marshall of Texas Inc. has sold and closed over
40,000 homes throughout the country.
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