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Hudson & Marshall Will Auction nearly 130 Homes in Kansas City on March15th and 120 Homes in St. Louis on March 16th ST. LOUIS, March 3 /PRNewswire-USNewswire/ -- Tumbling home prices andmushrooming inventory make it a perfect time to buy a home. Faced with aplethora of choices, buyers are combing the market for bargains andincreasingly turning to bank-owned real estate auctions to find the bestdeals on the block. Hudson & Marshall, America's largest auction firm of"real estate owned" REO properties (foreclosures owned by banks), willauction nearly 300 homes in cities throughout Missouri on March 11-16. "Private auctions of bank-owned homes offer buyers an opportunity topurchase property below market value because lenders are eager to movethese non-performing loans off their books," remarked Dave Webb, principalHudson & Marshall. "Unlike foreclosures sold at county or sheriff auctions,bank-owned foreclosures, sold through private auctions, come withguaranteed title insurance paid for by the sellers, ensuring there are noback taxes or liens on the properties," added Webb. Foreclosure activity continues at a brisk pace nationwide. According toRealtytrac(R), Missouri ranked 20th nationally among the states, reporting3,359 filings in January 2008 an increase of 48% the same time a year ago.The National Association of Realtors also found nationally housinginventory rose 5.5% at the end of January to 4.5 million homes for sale,which is a 10.3 month supply at the current sales pace. Valued from $7,000 to $500,000, all the Missouri homes being auctionedhave been foreclosed upon or "repossessed" by the lenders and are vacant.Winning bidders will be required to make a cash or check deposit of 5% ofthe total sales price or $2500, whichever is greater. Homes are sold "as-is" and interested buyers are advised not to bid onany property they have not inspected. An open house is scheduled for allhomes March 8th and 9th from 1:00pm-3:00pm or by contacting listing agents.Detailed property information is available at http://www.hudsonandmarshall.com. Hudson & Marshall will auction the homes on the following dates: March11th in Wichita, KS; March 12th in Columbia, MO; March 13th in Joplin andSpringfield, MO; March 15th in Kansas City, MO; and March 16th in St.Louis. Prior to the auction, buyers can purchase property online byvisiting the website and clicking on the Bid Now icon. Sellers usuallyrespond to offers within 24 hours. This is a reserve auction, which meanssellers have the right to accept or reject any bid; however, in pastauctions conducted by Hudson & Marshall, the majority of offers have beenaccepted. Having sold over 50,000 homes for sellers in the past eight years,Hudson & Marshall is the undisputed leader in the REO auction industry. Thecompany's accelerated sales process enables it to swiftly and efficientlysell large volumes of property in a way that minimizes expenses andmaximizes return for both sellers and buyers. Generally, contracts closewithin 30 days, making auctions a win-win way to conduct real estatetransactions, particularly in today's sluggish market. In the past twoyears alone, Hudson & Marshall's sales exceeded $400 million. About Hudson & Marshall of Texas Inc. H&M is America's Premier Auction Authority. Our 38-year historycombined with our continued process enhancements have allowed us to becomeone of the largest and most respected real estate auction firms in theUnited States. H&M has set the standard as a full service auction companyand continues to consistently raise the bar for our industry. Our numberone priority is to provide top-quality service to our customers. Buyersknow they can count on H&M to provide value and service from the initialproperty offering through the closing process. This same approach providessellers with a one stop single solution to the disposition of real estateassets. Sellers particularly appreciate H&M's streamlined approach thathandles their assets from marketing through closing and funding. The H&Mprocess allows the seller to minimize expenses and maximize return. H&M hasassisted clients ranging from individuals to large, medium, and smallcorporations, government agencies, and financial institutions. Recently,H&M has sold and closed over 40,000 homes throughout the country. See moreabout H&M at http://www.hudsonandmarshall.com. Contact: Crystal Wright Public Relations Strategist 202/829-0848
