Bank Foreclosure Listings Auctions in Various Cities

Come July 15 to 18, cities throughout Michigan, Minnesota and Wisconsin should expect to see a rush of home buyers and investors hoping to purchase discounted properties on Bank Foreclosure Listings auctions set up by Hudson and Marshall, a real estate auction company.

More than 100 properties on Bank Foreclosure Listings will be put on the auction blocks by lenders who are eager to sell them immediately to remove them from their inventory. All the foreclosure properties on sale have guaranteed title insurance which sellers paid.

Under the rules, all buyers are required to make certified check or cash deposit amounting to $2,500 for each foreclosed home which they won by bid.

Hudson and Marshall principal Dave Webb explained that the current real estate market is awash with distressed properties that are ready to be moved in by owners. He said that many homebuyers and investors prefer to buy foreclosure properties over regular houses because foreclosures give better value.

The number of properties on Bank Foreclosure Listings across the country remains high despite efforts of the federal government to abate the foreclosure problem. Data showed that May foreclosure filings in Michigan reached 13,891, making it the 10th highest nationwide.

Meanwhile, Wisconsin was ranked 19th because of its 3,502 foreclosure filings in May. In Minnesota, filings of foreclosures reached a total of 2,949, ranking it 23rd among states.

Hudson and Marshall auctioned all foreclosure homes on as-is basis and buyers are advised to inspect the properties first before making a bid.

On July 15, 24 homes will be auctioned off at Milwaukee Marriott West and 4 at Hilton Garden Green Bay. Buyers can expect 30 homes for sale in Minneapolis/St. Paul at the Minneapolis Airport Marriott on July 16, while 11 properties will be on sale on the same day at the Holiday Inn Grand Rapids Airport.

On the 17th, buyers will have a chance to bid on 4 foreclosed homes at the Holiday Inn Battle Creek and the next day, 31 properties will be auctioned off at the Doubletree Hotel Dearborn in Detroit.

With continuous increase in foreclosure rates and property prices dropping to 2003 levels, Hudson and Marshall hopes to sell another 30,000 properties on Bank Foreclosure Listings through 2009.

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