Foreclosures continue to drive down home prices in hard-hit states like Michigan, but according to the auction company Hudson & Marshall of Texas, this is good news for buyers and investors looking for bargains on homes.
On Tuesday, Hudson & Marshall announced that it will auction more than 200 foreclosed homes in cities throughout Michigan from March 16 through March 20. The homes are valued from as little as $3,000 to more than $200,000, and all come with an insurable title and no back taxes or liens.
“In today’s down market, bargain-hungry buyers are aggressively seeking distressed properties because they know they can get incredible deals on a wide range of homes,” said Dave Webb, principal at Hudson & Marshall. “Another incentive driving up sales of foreclosed properties is the tax credit of $8,000 for first time homebuyers and $6,500 for repeat buyers.”
According to the National Association of Realtors, distressed homes accounted for 38 percent of total home sales in January, and Michigan remains one of the states with the highest number of foreclosures. RealtyTrac reported that Michigan posted the fifth highest number of foreclosures among states in January, with 17,574 properties receiving a foreclosure filing.
All homes being auctioned by Hudson & Marshall are sold “as-is,” and interested buyers are encouraged to inspect properties before placing any bids. Winning bidders will be required to make a cash or certified check deposit of $2,500. This is a reserve auction, which means the seller has the right to accept, reject, or counter any offer, but several properties will be sold absolute to the highest bidder, regardless of price.
In the past eight years, Hudson & Marhsall has sold more than 80,000 homes and expects to sell another 15,000 homes this year. The company says its 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.
This isn’t only happening in Michigan, Southern California homes are facing the same scenario. Call4ShortSales.com for the very latest!