Over 500 Foreclosed Michigan Homes Hit Auction Block
Published May 4th, 2007
Sagging home sales combined with rising foreclosures create an opportunity for buyers to catch extraordinary deals on properties. Hudson & Marshall will auction more than 500 foreclosed homes for national lenders and asset management companies on May 19th – 24th in cities throughout Michigan.
Over 300 homes will be offered in the Detroit area alone. It is expected that well over half of the Detroit area homes will be sold to high bidders for under $5,000, making this a great opportunity for first time
and seasoned real estate investors to purchase bank owned properties.
Everyone from small and large investors to first time home buyers can find what they’re looking for at great prices. Sellers pay for title insurance, ensuring each property is clear of any back taxes or liens.
“Purchasing foreclosed property through the auction method is truly an unbelievable buying opportunity. This auction will allow people to literally purchase homes in Michigan at extremely discounted prices because sellers want to dispose of properties quickly to avoid the long-term carrying costs of bad debt,” said Dave Webb, principal, Hudson & Marshall. “Another advantage of purchasing homes through private auctions is buyers set the price they want to pay for a property in a competitive bidding environment,” added Webb.
Nationally, the persistent rise in defaults on subprime loans continues to fuel the surge in foreclosures. According to Realtytrac(R), the number of foreclosures reported in the first quarter of 2007 jumped to a stunning 437,498 filings, an increase of 35% compared to first quarter of 2006. Michigan still ranks in the nation’s top 10 for states with the highest rates, reporting a total of 29,467 foreclosures for the first quarter. Beleaguered by economic troubles, Detroit also continues to report the highest number of foreclosures (16,351) among the nation’s top metro areas for the first quarter of 2007.
Hudson & Marshall, the country’s largest real estate auction firm of foreclosed properties, will auction over 500 homes throughout various cities in Michigan on the following dates: May 19th – 20th in Detroit; May 20th in Flint; May 21st in Jackson; May 22nd in Saginaw, Lansing, and Battle Creek; May 23rd in Grand Rapids and May 24th in Muskegon.
