Chicago Foreclosure Auction - 200 Properties On the Block - Press Release

Properties Valued from $2,500 to $350,000 Will Be Auctioned October 2nd and 3rd by Hudson & Marshall

CHICAGO , Sept. 22 /PRNewswire/ -- Rising foreclosure inventories across the country translate into great deals for consumers, as banks continue to offer discounts on these properties to quickly move them off their books. Hudson & Marshall, America's leading real estate auction firm, will auction over 200 bank-owned homes in Chicago October 2nd and 3rd at - New 1:00 p.m. at the Westin Lombard Yorktown Center.
Buyers will be required to make a cash or certified check deposit of $2,500 for each property, which they are the winning bidder. For properties selling for $10,000 or less, a buyer must pay the full purchase price of the homes on sale day. All sales will close within 30-45 days and buyers may secure financing with the lender of their choice prior to closing; however, closing is not contingent upon financing.

"Vacant homes bring down neighborhoods, invite blight and lower property values," said Dave Webb, principal, Hudson & Marshall. "The auction process is a win-win for sellers, buyers and communities. It allows banks and asset management companies to swiftly sell a large number of foreclosed properties at one time to buyers who are eager to grab deals and turn houses into homes again, which stabilizes neighborhoods," added Webb.

According to the Mortgage Bankers Association, during the second quarter of 2010, eleven states saw increases in the rate of foreclosure starts on a year over year basis compared to the second quarter of 2009. The largest increases in foreclosures were found in Illinois, South Dakota, and New Mexico. The seasonally adjusted delinquency rate for mortgage loans on one-to-four-unit residential properties was 9.85% of all loans at the end of the second quarter of 2010.

All properties auctioned by Hudson & Marshall are sold "as-is" and buyers should inspect properties before placing any bids. Properties can be viewed during the open house scheduled Saturday, September 25th and Sunday, September 26th from 1:00 p.m. - 3:00 p.m. or by contacting listing agents to schedule appointments.
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. Complete property details and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

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