Over 150 HUD Foreclosed Phoenix Homes Auctioned to Owner Occupant Buyers Only

Homes Will Be Auctioned March 26th by Hudson & Marshall, America's Leading Real Estate Auction Firm

PHOENIX, March 10, 2011 /PRNewswire-USNewswire/ -- For the first time in recent years, the Department of Housing and Urban Development (HUD) will sell over 150 foreclosed homes through auction in Phoenix, March 26th at 1:00 p.m. at the JW Marriott Desert Ridge. Designed to help more low to moderate individuals become homeowners, the properties will be auctioned only to owner occupant buyers, who plan to live in the homes as their primary residence for at least a year. America's leading real estate auction firm, Hudson & Marshall will auction the HUD homes.

"Foreclosed auctions offering HUD homes are ideal for homebuyers looking to upgrade to larger properties to accommodate their growing families or individuals re-locating to the Phoenix area for jobs," remarked Dave Webb, principal Hudson & Marshall. "Not only do auctions of foreclosed homes help buyers grab great deals but they also help raise property values by putting new homeowners into the properties," added Webb.

According to the S&P/Case-Shiller Home Price Indices, U.S. home prices declined by 3.9% during the fourth quarter of 2010. The report also found that Phoenix was one of 11 markets where home prices nose dived to their lowest level since prices peaked in 2006 and 2007.

Prior to the auction of HUD homes, to help prepare homebuyers for the auction process, Hudson & Marshall will hold two free Auction Education Seminars. The seminars will review basic tips on successful bidding and what important documents buyers should to bring with them the day of the auction. Auction seminars will be held March 16th and 22nd from 7:00 p.m. -8:30 p.m. at the JW Marriott Desert Ridge.

Qualified buyers may receive special Federal Housing Administration (FHA) $100 down homebuyer financing and up to 3% in closing costs paid by HUD. To register for the auction, buyers are required to bring a $1,000 cashiers check made out to themselves or to HUD on auction day. This check will be collected as a deposit if they are the winning bidder on a home. Prospective buyers must also bring a photo ID, a loan pre-qualification letter from their bank, acknowledge they have not purchased a HUD-owned property within the past two years as an owner occupant and confirm they will occupy the property as their primary residence for at least 12 months.  

All properties auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties before placing any bids. Homes can be viewed during the open house scheduled Saturday, March 19th and Sunday, March 20th from 11:00 a.m. - 3:00 p.m. or by contacting listing agents to schedule appointments. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

HUD will pay a 3% selling agent commission to qualified brokers who are registered with HUD. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 80,000 homes for sellers in the past ten years, Hudson & Marshall is the most experienced, trusted leader in the REO auction industry. The company's 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. Over the past five years alone, Hudson & Marshall's total sales have topped $3.5 billion and the company anticipates selling another 15,000 homes in 2011.

About Hudson & Marshall

H&M is America's Premier Auction Authority. Our 45-year history combined with our continued process enhancements have allowed us to become one of the largest and most respected real estate auction firms in the United States. H&M has set the standard as a full service auction company and continues to consistently raise the bar for our industry. Our number one priority is to provide top-quality service to our customers. Buyers know they can count on H&M to provide value and service from the initial property offering through the closing process. This same approach provides sellers with a one stop single solution to the disposition of real estate assets. Sellers particularly appreciate H&M's streamlined approach that handles their assets from marketing through closing and funding. The H&M process allows the seller to minimize expenses and maximize return. H&M has assisted clients ranging from individuals to large, medium, and small corporations, government agencies, and financial institutions. Since 1999, H&M has sold and closed over 80,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com.

SOURCE Hudson & Marshall of Texas, Inc.