Massive Detroit foreclosure auction
Published September 11th, 2007
Nearly 700 homes in the Detroit area will be auctioned on Sept. 21 through the Sept. 23, one of the biggest home auctions ever.
Rising default rates in the economically hard-hit, auto-industry town have riddled the Detroit housing market. There’s an abundance of bank-owned properties available for sale.
“Because many of these properties have been on the market for a year or more, banks are very anxious to find buyers . . . it’s not unusual for the properties to sell at auction below their price list,” said Dave Webb, one of the owners of Hudson & Marshall’s home auction division, the property auction giant that is conducting the auction.
“Right now, it’s a buyer’s market and there are tons of inventory. I expect prices to come way down,” he said.
The properties come with clear titles; there are no liens or encumbrances such as back taxes on them. There’s also a wide range of houses available with pre-auction prices running from about $5,000 to a bit more than $600,000.
Most of the properties can be inspected the weekend of September 15 from 1 PM to 3 PM both Saturday and Sunday. The descriptions and addresses can be accessed at http://www.hudsonandmarshall.com/
