Auction of Nearly 700 Foreclosures Swings Through Sunshine State on December 2nd-7th

Overbuilding and a high rate of foreclosures toppled Florida’s housing market, making it one of the worst in the nation. With ample supply to choose from, savvy buyers are turning their attention to bank-owned foreclosure auctions because they offer great deals. America’s largest foreclosed real estate auction firm, Hudson & Marshall will auction nearly 700 homes throughout cities in Florida December 2nd-7th. Approximately 120 homes will be auctioned in Orlando and more than 300 homes will be auctioned in the Miami/Fort Lauderdale area.

To attract more qualified buyers to the Florida auction, Hudson & Marshall is increasing its buyer agent commission from 2% to 3%. Unlike other real estate owned (REO) auction firms, Hudson & Marshall retains the banks’ listing agents to better market properties to prospective buyers. Having marketed the foreclosures for many months, listing agents have extensive knowledge that can help buyers understand a property’s market value so they can be successful bidders.

“We launched this incentive program to accelerate the sale of these homes and help reduce the number of vacant properties on the market, which will assist in restoring neighborhoods,” said Dave Webb, Principal Hudson & Marshall.

In October, foreclosures climbed to new heights in Florida. According to Realtytrac®, during the month, Florida’s foreclosure rate reached the third highest in the nation with one in every 157 homes receiving a foreclosure filing. A total of 54,324 properties reported foreclosure filings in October 2008, a startling increase of 80% from October 2007.

No pre-registration is required for the Florida auction. Buyers will be required to make a $5,000 deposit in the form of cash, cashier’s check or certified funds for each property which they are the winning bidder. Homes are sold “as-is” and buyers should inspect homes prior to auction. Property may be viewed during the open house on November 22nd and December 2nd from 1:00pm-3:00pm or by contacting the listing agents and scheduling an appointment. A complete list of properties and additional information may be found at www.hudsonandmarshall.com or by calling 866-539-4172

Hudson & Marshall will auction the Florida homes on the following dates:

December 2nd – Fort Myers (68 homes); Fort Pierce (9 homes); Pensacola (10 homes)

December 3rd – Tampa (67 homes); Port Charlotte (16 homes); Jacksonville (34 homes); Titusville (20 homes); Tallahassee (3 homes)

December 4th – Orlando (114 homes); Gainesville (6 homes)

December 6th -Miami/Fort Lauderdale (185 homes)

December 7th – Miami/Fort Lauderdale (140 homes)

Prior to auction, buyers can purchase property online by visiting the website and clicking on the Bid-Now icon. Sellers typically respond to offers within 24 hours. 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 70,000 homes for sellers in the past eight years, Hudson & Marshall of Texas, Inc 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 $1.2 billion and the company anticipates selling another 30,000 homes through 2009.

About Hudson & Marshall of Texas Inc.

H&M is America’s Premier Auction Authority. Our 40-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. Recently, H&M has sold and closed over 70,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com.