Homebuyers will find bargains at auction of nearly 120 foreclosed homes throughout Northeast
Homes Will Be Auctioned in New York City/Newark Area, Cherry Hill, Manchester, Trenton and Hartford September 9th-12th
Sinking home prices have buyers rushing to foreclosure auctions to scoop up the best deals on the block. Saddled with large volumes of foreclosures, banks are aggressively discounting their real estate owned (REO) property at auction to quickly sell these homes. Hudson & Marshall will auction about 120 bank-owned homes in cities throughout the Northeast and 50 of the homes will be auctioned in the New York City and Newark area. Nearly 30 more homes will be auctioned on-site at the property addresses, while another 17 homes will be offered exclusively online through the company’s website www.hudsonandmarshall.com.
Each property comes with title insurance paid for by the sellers. Interested buyers may register the day of the auction and will be required to make a cash or certified check deposit of $2,500 for each property which they are the winning bidder. A 5% buyer’s premium will be added to the sales price.
“As the nation’s economic conditions remain challenging, homebuyers are searching for the best values on the market. Buyers are gravitating to foreclosure auctions like Hudson & Marshall’s because they know their dollar will buy them more home for less, even in today’s depressed housing market,” remarked Dave Webb, principal, Hudson & Marshall.
Across the country, buyers are responding to historically low home prices and jumping back into the real estate market with zeal. According to the National Association of Realtors (NAR) Pending Home Sales Index, contracts for pending home sales continued their rising streak over the past six months. Existing-home sales in the Northeast rose over 13% to an annual pace of 930,000 in July, 3% higher than July 2008 and according to NAR, the average price of a home in the Northeast was $236,700.
All homes being auctioned are sold “as-is” and buyers should inspect properties before placing any bids. Buyers may view homes by contacting listing agents to make appointments. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.
Hudson & Marshall will auction the Northeastern homes on the following dates:
September 9th- Manchester, NH (8 homes)-Holiday Inn Manchester Airport
September 9th – Cherry Hill (3 homes)-Courtyard by Marriott-Mt. Laurel
September 10th-Hartford (6 homes)-Courtyard Hartford Farmington
September 10th – Trenton (5 homes)-Hilton Garden Inn-Hamilton
September 12th -NYC/Newark area (53 homes)-Sheraton Meadowlands Hotel & Conference Center
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. Prospective bidders should visit the website periodically to check for properties which may have pre-sold prior to auction through the company’s online bid program.