Falling home prices and a market choked with inventory have buyers crowding bank-owned foreclosure auctions to get low prices on property. Due to the long-term expenses of carrying a foreclosed property, banks are eager to sell these homes below market value. Hudson & Marshall will auction nearly 600 bank-owned homes throughout Georgia, Tennessee and Alabama on October 20th-26th. Nearly 400 homes will be auctioned in Atlanta on October 24th, 25th and 26th.

“Foreclosure auctions are attracting more first-time buyers and those looking for larger homes because they can purchase homes at incredibly affordable prices and choose from a huge selection of property,” said Dave Webb, Principal, Hudson & Marshall. “Another incentive luring buyers to our auctions is all the homes come with title insurance paid for by the sellers,” added Webb.

Buyers will be required to make a $2,500 deposit in the form of cash, cashier’s check or certified funds for each property for which they are the winning bidder. Homes are sold as-is and buyers are encouraged to inspect homes prior to auction. An open house is scheduled for Saturday, October 18th and Sunday, October 19th from 1:00 pm - 3:00 pm. A complete list of properties and additional information may be found at http://www.hudsonandmarshall.com or by calling 866-539-4172

Foreclosure activity continues to mount across the country. According to Realtytrac(R), 303,879 foreclosure filings were reported for the month of August, a 12 percent increase from the previous month and a 27 percent increase from August 2007. During the month of August, one in every 416 U.S. households received a foreclosure filing.

Hudson & Marshall will auction the Alabama, Tennessee and Georgia homes on the following dates:

October 20th -Mobile (5 homes)
October 21st - Chattanooga (9 homes) and Knoxville (14 homes)
October 22nd - Birmingham (39 homes); Dalton, GA (16 homes); Jackson, TN (6 homes) and Macon, GA (7 homes)
October 23rd - Decatur, AL (4 homes); Memphis (62 homes) and Savannah (8 homes)
October 24th - Atlanta (75 homes)
October 25th -Atlanta (189 homes)
October 26th - Atlanta (114 homes)

Prior to the auction, buyers may purchase property online by visiting the company’s website and clicking on the Bid-Now icon. Sellers usually respond to offers within 24 hours. This is a reserve auction, which means sellers have the right to accept, reject or counter any bid. In past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.