Foreclosure Home Auctions Generate Millions in Home Sales

Foreclosure home auctions conducted by auction companies Real Estate Disposition Corporation, Rowell Auctions and Hudson & Marshall continue to generate millions of dollars from foreclosed home sales.

The huge sales also indicate the continued interest of investors and homebuyers in discounted residential properties.

According to REDC, its most recent online foreclosure auction resulted in $14.9 million in sales of foreclosed homes in Houston, Dallas and Seattle. The latest auction increased the company?s total real estate sales to over $2 billion so far this year.

REDC chief executive Jeff Frieden said that the most recent auction sold off more than 1,100 foreclosed homes across the U.S., helping banks and other sellers reduce their huge foreclosure inventories and increasing their take from the sales.

All in all, REDC has held 298 foreclosure auctions so far in 2009, selling 34,600 residential, industrial, commercial and housing-development properties.

Frieden also explained that the company?s venture into online auctions has enabled the firm to reach clients in cities where it had not conducted foreclosure home auctions as often as in other cities.

According to Frieden, the first nationwide online foreclosure auction for the firm was in August this year, which resulted in total sales of $31.7 million. It auctioned off 770 real estate properties ranging from lower-cost single-family homes to expensive mansions located in 45 states and received thousands of bids.

Frieden also added that the firm has auctioned off over 50,000 foreclosure homes and received over $6 billion in sales since the foreclosure crisis started.

Another foreclosed home auction firm, Rowell Auctions, also recently held a live auction at the Marriott Hotel in Raleigh, North Carolina. Over 30 condo units at the Meadow Wood Park complex that were priced above $200,000 were sold off for less, with one unit sold for $129,000 and another for $116,000. None of the units were sold below $111,000.

Over 100 people participated in the live auction, with many of the bidders getting financing from Bank of America.

Another auction firm that has been holding foreclosure auctions across the country is family-owned Hudson & Marshall, which has been operating in the real property sector for more than 40 years.

During the month of November, Hudson has been conducting auctions in the states of Arizona, Nevada, Washington, Colorado, Utah and Idaho. For the month of December, it will focus on foreclosure home auctions in the East, including the states of Maryland, Delaware and Washington, D.C.

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