Dozens of Foreclosed Homes Auctioned Off for $100 Down Payment

March 10, 2011 / Russell Legato, Residential Property Analyst

The Department of Housing and Urban Development, for the first time in years, has announced Thursday that it will auction off about 150 foreclosed homes in Phoenix, on March 26, at 1pm. The auction for the foreclosed homes, according to a report, is designed to help low-to-moderate-income people become homeowners, while the properties will only be auctioned off to owner occupant buyers only — those who will live in home for at least one year.

Dozens of Foreclosed Homes Auctioned Off for $100 Down Payment

Recently, in Atlanta, Hudson & Marshall had also auctioned off another 250 foreclosed homes at the Atlanta Marriott Century Center. A $2,500 certified check or cash deposit for each property will be required— for wining bidders of any home.

Auction for the foreclosed homes will be held in the JW Marriott Desert Ridge, situated at 5350 East Marriott Drive Phoenix, and will be auctioned off by Hudson & Marshall, a real estate auction firm.

According to a principal Hudson & Marshall, Dave Webb, the auctions offering HUD foreclosed homes are best for homebuyers that are looking for larger properties to house their growing families, and for individuals who are re-locating in the area Phoenix for work.

Webb also added that auctions of foreclosed homes helped homebuyers land into great deals as well as helping raise residential property values.

In the recent S&P/Case-Shiller Home Price Indices, homes in the United States by 3.9 percent during the 4th quarter of 2010, while Phoenix is one of the 11 housing markets with the lowest home prices.

Qualified buyers for the foreclosed homes can receive special the Federal Housing Administration $100 down payment financing, and 3 percent in closing expenses paid by HUD.

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