Auction of Nearly 200 Texas Foreclosures
Published December 10th, 2008
Hudson & Marshall will auction nearly 200 bank-owned foreclosures in cities throughout Texas December 15th-21st. About 80 homes will be auctioned in Houston and another 65 in the Dallas/Fort Worth area.
According to the Mortgage Bankers Association’s latest delinquency survey, at the end of the third quarter of 2008, the delinquency rate for all outstanding loans on one to four unit residential properties was about 7%. The survey also estimates that the total number of homes entering foreclosure in 2008 will reach 2.2 million.
“Foreclosures are no longer perceived as distressed property because the collapse of the subprime mortgage sector flooded the real estate market with so many high-end foreclosures,” commented Dave Webb, Principal, Hudson & Marshall. “As a result, more owner occupant buyers are attending Hudson & Marshall auctions because they know they can find a great home to live in at a discounted price,” added Webb.
Successful auction bidders will be required to make a $2,500 deposit in the form of cash, cashier’s check or certified funds for each property which they are the winning bid. Homes are sold “as-is” and buyers should inspect homes prior to auction. Property may be viewed during the open house December 13th and December 14th from 1:00 p.m. – 3:00 p.m. or by contacting listing agents for an appointment. Property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.
Hudson & Marshall will auction the Texas homes on the following dates:
December 15th – McAllen (4 homes)
December 16th – San Antonio (21 homes)
December 17th – Austin (7 homes)
December 18th – Temple (5 homes); Waco (3 homes)
December 20th – Houston (80 homes)
December 21st – Dallas/Fort Worth (65 homes)
Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.
Web site: http://www.hudsonandmarshall.com/
