Northeast Region Repo Home Listing Auctions Scheduled
As foreclosed properties continue to flood the housing market across the country, auctions have increasingly become popular among price-conscious buyers because of their bargain prices. Hudson and Marshall has scheduled repo home listing auctions across the Northeast region on June 16 to 21.
More than 200 repossessed properties will be auctioned off in the region, demonstrating once more the depth of the foreclosure crisis. This year, almost 57 percent of individuals who are attending repo home listing auctions by Hudson and Marshall are owner-occupant buyers.
The market values of foreclosed properties for auction range from 20,000 to more than $500,000, with all of them having guaranteed title insurance taken out and paid by sellers. The typical process of foreclosure auctions require winning bidders to make a down payment of $2,500 for each home, either in certified check or cash.
During the registration day, staff from Hudson and Marshall will be around to explain to prospective buyers how the auction process works, answer any questions and assist buyers through each step of the auction process.
According to Hudson and Marshall principal Dave Webb, the increase in the number of foreclosed homes across the United States has pulled down the average home price back to its 2002 level.
He pointed out that sales of foreclosure properties have risen over the past years because most people like to buy homes at a discount. Furthermore, he explained that the quality of foreclosed homes today is not like in previous years. Now, repossessed homes are mostly in good condition and are occupant ready, added Webb.
Data from the National Realtors Association (NAR) showed that repossessed homes accounted for about 45 percent of the total sales last April, with the average home price at $170,000 which was 15 percent below the 2008 average home price.
Added to this is the increasing number of properties in repo home listing. According to the Mortgage Bankers Association, the seasonally adjusted mortgage delinquency rate was about 9.12 percent of all loans, making it the highest default rate since 1972.
Meanwhile, all properties being auctioned are sold on as-is condition. All prospective buyers of homes auctioned by Hudson and Marshall should inspect the foreclosed properties before making an offer. Open houses are scheduled for prospective buyers to view the auctioned properties.
Repo home listing auctions will be held in New York, Massachusetts, New Jersey, Delaware, Rhode Island, Connecticut, Pennsylvania and New Hampshire.
