Local Foreclosure Auctions Coming Up for Connecticut, New Hampshire and New York
Discounted foreclosures crowding the housing market continue to drive down home prices and entice buyers off the sidelines. According to the National Association of Realtors (NAR), distressed property sales, including foreclosures and short sales, accounted for 30% of home sales in the third quarter of 2009. America’s leading real estate-owned (REO) auction firm, Hudson & Marshall, will auction about 65 bank-owned homes in cities throughout Connecticut, New Hampshire and New York November 17th- 21st.
Another 15 homes located in Connecticut, Maine, Massachusetts, New York, and Rhode Island will be auctioned online or on-site at property addresses. More information about these properties is available at www.hudsonandmarshall.com. Valued from about $28,000 to $370,000, all the homes come with title insurance paid for by the sellers. Buyers will be required to make a cash or certified check deposit of $2,500 for each property for which they are the winning bidder.
“With the homebuyer tax-credit, low interest rates and declining prices, there hasn’t been a more affordable time to buy a home in decades. The recent rise in sales indicate more buyers are choosing foreclosures over traditional homes because they can get more house for less money,” said Dave Webb, principal, Hudson & Marshall.
According to NAR, the average price of a single-family home in the Northeast dropped 9.4% in the third quarter to $244,500 compared to the same quarter in 2008. Overall, home sales in the Northeast climbed 16.7% in the third quarter to 930,000 units, which is an increase of 9.4% from a year ago.
All homes being auctioned by Hudson & Marshall are sold “as-is,” and buyers should inspect properties before placing any bids. Properties can be viewed during the open house scheduled November 14th and 15th from 1:00 p.m.-3:00 p.m. or by contacting listing agents to schedule an appointment. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.
Hudson & Marshall will auction the homes on the following dates:
November 17th – Cherry Hill (6 homes) at 7:00 p.m.-Courtyard Marriott-Mt. Laurel
November 18th- Concord, NH (8 homes) at 7:00 p.m.-Courtyard Concord
November 18th – Newburgh (7 homes) at 7:00 p.m.-Homewood Suites Newburgh-Stewart Airport
November 19th – Bridgeport, CT (9 homes) at 7:00 p.m.- Holiday Inn Bridgeport
November 21st – NYC/Newark area (37 homes) at 1:00 p.m.-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.
Having sold over 80,000 homes for sellers in the past eight years, Hudson & Marshall of Texas, Inc is the most experienced, trusted leader in the REO auction industry. The company’s accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall’s total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2010.
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