Foreclosures continue to swell in Arizona, flooding
the market with excess inventory, earning the state an unwanted spot in
the nation's top ten list for foreclosures. According to Realtytrac,
Arizona ranked eighth in the nation among states with the highest
foreclosure filings, reporting 6,339 filings in October 2007.
PHOENIX, Dec. 3 -- In this rough and tumble real estate market, where
prices are falling, more choosey buyers are attending foreclosed real
estate auctions to catch deals on homes. Hudson & Marshall, the
country's largest foreclosed property auction firm, will auction over
200 area Phoenix area foreclosed homes on December 8th and 9th at
1:00pm at the Mesa Convention Center Building A.
"The housing market has definitely cooled and turned in the buyer's
favor, resulting in more owner occupant buyers to explore alternative
methods of purchasing discounted property, such as foreclosed property
auctions," said Dave Webb, principal, Hudson & Marshall. Auctions
offer homebuyers a level playing field where they set the price for a
home in a competitive bidding environment," added Webb.
Valued from $100,000 to nearly $600,000, the properties are owned by
national lenders and asset management companies and come with a clean,
insurable title paid for by the sellers. These are Real Estate Owned
(REO) or foreclosed properties, meaning they have been repossessed by
the lenders and are vacant.
Defaults on subprime adjustable rate mortgages (ARMs) are fueling the
surge in foreclosures nationwide. Many economists estimate that more
than two million ARMs will reset to higher rates over the next two
years, swelling foreclosure numbers even higher. Subprime ARMs were
made to credit blemished borrowers and came with low teaser rates that
reset to higher rates after two or three years, making the loan
unaffordable for many borrowers.
Hudson & Marshall's auctions are open to the public and buyers
wishing to place bids on the Phoenix area homes may register the day of
the auction. Winning bidders must make a cash or check down payment of
$2500 or 5% of the total selling price, whichever is greater. All homes
are sold "as is" and interested buyers should inspect properties prior
to placing bids.
Buyers can make an appointment with listing agents to preview all
properties.
Prior to the auction, buyers also can purchase property online by
visiting http://www.hudsonandmarshall.com and clicking on the Bid Now
icon. Sellers usually respond within 24 hours. This is a reserve
auction, which means sellers have the right to accept or reject any
offer. In past auctions, conducted by Hudson & Marshall, over 90%
of offers have been accepted. Having sold over 50,000 homes for sellers
in the past eight years, Hudson & Marshall is the undisputed leader
in the REO auction industry.
About Hudson & Marshall of Texas Inc.
H&M is America's Premier Auction Authority. Our 38-year history
combined with our continued process enhancements have allowed us to
become one of the largest and most respected real estate auction firms
in the United States. H&M has set the standard as a full service
auction company and continues to consistently raise the bar for our
industry. Our number one priority is to provide top-quality service to
our customers. Buyers know they can count on H&M to provide value
and service from the initial property offering through the closing
process. This same approach provides sellers with a one stop single
solution to the disposition of real estate assets. Sellers particularly
appreciate H&M's streamlined approach that handles their assets
from marketing through closing and funding. The H&M process allows
the seller to minimize expenses and maximize return. H&M has
assisted clients ranging from individuals to large, medium, and small
corporations, government agencies, and financial institutions.
Recently, H&M has sold and closed over 40,000 homes throughout the
country. See more
about H&M at http://www.hudsonandmarshall.com.
Source: Hudson & Marshall of Texas Inc. Full article reproduced from: http://www.insidearizonabusiness.com
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