In a Slumped Housing Market, Buyers May Find Price is Right at Auction of Over 150 Foreclosed Tennessee Homes

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Homes Come with Insurable Title Paid for by Sellers and Will Be Auctioned by Hudson & Marshall January 12th-16th

MEMPHIS, Tenn., Jan. 3 /PRNewswire-USNewswire/ — America’s housing boom once overflowing with double digit price appreciations has soured into a stagnate market hobbled by persistent price declines and foreclosures. But for buyers priced out of the market during the boom years, the current housing slump is an opportunity to find bargains. Over 150 foreclosed (bank-owned) Tennessee homes will be auctioned by Hudson & Marshall, America’s largest foreclosed real estate auction firm, on January 12th-16th in various cities throughout the state. Nearly 100 homes are located in Memphis alone.

Valued from $10,000 to nearly $500,000, all the homes are vacant and have been purchased back by national lenders when the homeowners defaulted on their loans. Referred to as foreclosed or Real Estate Owned (REO), all the homes come with a clean, insurable title, free of any back taxes or liens. All properties are sold “as is” and interested buyers should preview homes prior to making any bids. Most homes will be open January 5th and 6th from 1:00pm-3:00pm. Property listings and other auction information may me found at www.hudsonandmarshall.com.

“Overbuilding combined with investors and homeowners defaulting on risky subprime loans have contributed to the surge in foreclosures and a weak, over-supplied housing market,” commented Dave Webb, principal, Hudson & Marshall. “The silver lining in all this is investors or owner occupant buyers can purchase a property today at a great discount, particularly foreclosed homes purchased through auction. Banks are eager to dispose of foreclosed property because they cost them money every month,” added Webb.

According to Realtytrac(R), Tennessee ranked 11th in the nation among states with high foreclosure rates, reporting one foreclosure filing for every 683 households for a total of 3862 filings in November 2007. Hudson & Marshall will auction about 100 homes in Memphis on January 12 at 1:00pm at the Memphis Marriott. Additional homes will be auctioned in cities throughout Tennessee on the following days: January 13 in Jackson; January 14 in Nashville; January 15 Cookeville and Knoxville; and January 16 in Chattanooga.

There are no minimum starting bids on the properties and buyers can register on site the day of the auction. Winning bidders will be required to make a cash or check down payment of $2500 or 5% of the total sales price, whichever is greater. All properties close within 30 days after the auction, eliminating lengthy negotiations, which typically can slow down sales in a traditional real estate transaction.

Buyers also can purchase property online, prior to the auction, by visiting www.hudsonandmarshall.com and clicking on the Bid Now icon and submitting a bid. Sellers usually respond to offers within 24 hours. This is a reserve auction, which means the sellers have the right to accept or reject any offer or “highest bid.” 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. From marketing to selling and closing, the company’s 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. In the past two years alone, Hudson & Marshall’s sales exceeded $400 million.

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 www.hudsonandmarshall.com.

Contact:
Crystal Wright 
Public Relations Strategist
202/829-0848

SOURCE Hudson & Marshall of Texas Inc.

© 2007 PR Newswire. All Rights Reserved.

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