Foreclosure Auction of 200 Plus Missouri Homes
Published July 8th, 2008
KANSAS CITY, Mo - Wracked by plummeting home prices and swelling foreclosures, the nation’s housing market has buyers racing to foreclosure auctions to snag deals on homes. Hudson & Marshall will auction over 100 bank-owned foreclosures in Kansas City, Missouri on July 12th at 1:00pm at the Kansas City Sports Complex and another 100 plus homes in St. Louis on July 13th at 1:00pm at the Hilton St. Louis Airport.
Interested buyers may register to bid at the auction location on the day of the auction. All homes are sold “as-is,” so buyers should inspect properties prior to auction so they know what they are bidding on. 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 cash or certified funds for each property on which they are the successful bidder.
“Usually, these foreclosed homes have been listed on the market for several months to a year before they come to us. By the time lenders ask Hudson & Marshall to auction the properties, they are eager to sell them at discounted prices to avoid the carrying costs of these non-performing loans,” said Dave Webb, Principal, Hudson & Marshall. “As a result, this puts buyers in the driver’s seat of finding homes at very affordable prices,” added Webb.
According to Realtytrac(R), in May 2008, one in every 438 US households received a foreclosure filing, an increase of 7% from the previous month. During May, Missouri’s foreclosure rate ranked 13th among the states with one in every 620 households receiving a filing for a total of 4,232 foreclosure filings for the month.
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 or reject any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.
www.hudsonandmarshall.com
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