Foreclosed homes to be auctioned in Memphis
Published December 3rd, 2006
Hudson & Marshall real estate auction firm is putting 30 foreclosed Memphis residential properties on the block Dec. 13.
The Dallas-based company is auctioning off more than 200 homes in Tennessee, Georgia and Alabama.
The homes, which are owned by national lenders and asset management companies, were foreclosed after owners defaulted on mortgage payments.
For the third quarter 2006, Memphis was in the top 10 for highest state foreclosure rates and reported a total of 3,929 properties entering foreclosure during the period.
The homes in Tennessee, Georgia and Alabama, which are valued from $10,000 to $400,000, come with title insurance when purchased.
The Memphis properties range from $11,000 to $225,000.
“Auctions are gaining in popularity for both sellers and buyers because it is a fast and efficient method to move real estate without contingencies and Hudson & Marshall sells and closes properties in less than 30 days,” said Dave Webb, principal of the auction firm, in a statement.
Hudson & Marshall has sold and closed more than 40,000 foreclosed homes at auction in the U.S.
