In Ohio and Pennsylvania About 500 Repo Houses Go Up For Auction
Posted on November 4, 2008
Filed Under Foreclosure Homes | 2 Comments
In Ohio and Pennsylvania about 500 repo houses has gone up for auction. Hudson & Marshall will conduct the auction. This is good news in a market that is dominated by thousand of unsold houses and more repossessed units rushing in to join the ranks.
In these auctions the buyers get to view a surfeit of houses that lenders are keen to sell at heavily discounted prices to avoid the hassle and expenditure of holding on to these houses. The auctions will be held on 4th and 9th November. In Cleveland there are 150 repo houses on the auction block scheduled to be held on 8th November.
David Webb of Hudson & Marshall said, “Purchasing foreclosed property through auction is a win-win for buyers. The homes are usually sold below market value and always come with guaranteed title insurance paid for by the sellers.” This is not the case with court auctions.
The auction procedure is fairly simple. Prior registration is not compulsory. Those interested register on the day the auction will be held. The staff of Hudson & Marshall are ready at hand to steer the buyer through the steps of the auction starting from bidding and ending with closing. The houses are sold on an as-is basis. The auction company always encourages the potential buyers to inspect and view the properties before the auction date. An open house is held before the scheduled date (in this case November 1st and 2nd) between 1 pm to 3 pm. All the particulars are available on their website.
Ohio was placed 7th in foreclosure ratings with a proportion of 1:440 as per the findings of ReatlyTrac. Pennsylvania ranked 31st with a foreclosure rate of 1:1,302 during September.
Before the auction the buyers can purchase the units on the Internet by going to the website and following bidding instructions. The sellers generally answer back within 24 hours. The auctions are reserved – it means the sellers can either accept or reject the final bids. However so far Hudson & Marshall has satisfactorily conducted all prior auctions without any countering of bids.
In the past eight years Hudson & Marshall has auctioned more than 70,000 houses. The company is renowned and trusted in the line of REO auction world. Its unique sales procedure enables it minimize the expenses of both sides – the buyer as well as sellers.
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