Almost 200 foreclosed US homes are to be auctioned off in one go, with some valued as low as $17,000.
Bidding specialists Hudson & Marshall will handle the Arizona sales bonanza on September 13, and says the event promises an easy way to buy homes for less.
The Phoenix auction will take place in a state which has one of America’s highest foreclosure rates, more than twice the national average at one home per 195 households.
Hudson & Marshall principal Dave Webb said:
“By creating an environment where buyers bid openly against one another on a property, real estate auctions demystify the home buying experience and allow a home’s true worth to emerge.”
The Arizona Republic recently reported National Auctioneers Association figures show gross annual revenue from residential real estate auctions soared almost 47 percent from 2003 to 2007.
According to the paper, Crystal Wright of Hudson & Marshall said up to 20 percent of the bank-owned homes sold at each of the firm’s auction are bid for and sold online.
Last month it was revealed around 2,000 of the 7,132 homes taken back by banks in the San Diego area of Claifornia are up for sale, with much of the rest up for grabs by November.
A further 12,000 San Diego homes are in the pre-foreclosure phases, meaning the region could become a hotspot for cheap property.
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