Sprouting up like weeds across the country, foreclosures show no signs of abating but offer buyers the chance to purchase homes at affordable prices. Banks are selling their foreclosed properties at auction at tremendous discounts to avoid losing more money on these loans. Hudson & Marshall, a leading foreclosure auction firm, will auction over 200 bank-owned foreclosures in Chicago on July 19, 2008 at the Hyatt Regency O'Hare. The company will also auction more than 100 homes in Indianapolis the following day at the Sheraton Indianapolis Hotel and Suites.
"Our auctions offer just about every type of home, at every price for every type of buyer," said Dave Webb, the principal of Hudson & Marshall. "We have homes for investors, first time homebuyers and growing families, and we make the process easy. All the homes come with guaranteed title insurance and buyers are guided through each step of the auction from bidding to closing."
Among the states, Illinois and Indiana continue to get hammered by foreclosures. According to Realtytrac, in June, Illinois' foreclosure rate ranked thirteenth among the states with one in every 637 households receiving a foreclosure filing. Things are more grim in Indiana, which earned the ninth spot among the states with one in every 568 households receiving a foreclosure filing in June.
The Chicago homes are valued from $14,000 to $500,000 and the Indianapolis homes range in value from as little as $2,500 to $300,000. Each property is sold "as-is" and buyers should inspect the homes before placing any bids. An open house is scheduled for July 12 - 13, 2008 from 1:00 p.m. - 3:00 p.m. Properties may also be viewed by contacting the listing agent and making an appointment. A complete list of properties and additional information may be found at www.hudsonandmarshall.com.
Each home comes with guaranteed title insurance paid for by the sellers. Winning bidders will be required to make a $2500 deposit in the form of cash or certified funds for each property on which they are the successful bidder. Prior to the auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers usually 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.