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Glut of Foreclosed Houses Leads to Real Estate Auction in Detroit Area
Over 500 Detroit area houses are scheduled to be auctioned to the public March 25 through March 30, 2008
Over 500 Detroit area houses are scheduled to be auctioned to the public March 25 through March 30, 2008.
Starting Tuesday, March 25, 2008 at 1pm, and running through Thursday, March 27, 2008 an auction of houses will take place at the Doubletree Hotel-Dearborn, Detroit MI. On Saturday March 29 and Sunday March 30, more houses will be auctioned at the Ford Motor Company Conference & Event Center.(near the Henry Ford-Greenfield Village)
Keep in mind that you must register in order to bid, but there is no fee to attend the auction. If you win the bid, you will be required to put down 5% of the contract price or $2,500, whichever is greater. Bidders should have cash or a cashier’s check made payable to themselves. You have 30 days to close the transaction after a winning bid is accepted.
According to literature provided by Hudson & Marshall, the company operating the auction, all properties have insurable title, no back taxes and no liens. Details concerning the auction are available at www.hudsonandmarshall.com.
One REO (real estate owned) Brokerage firm participating in the auction will be Bond Realty LLC which specializes in selling bank owned foreclosed properties. At a recent event hosted by the National Real Estate Network, a local real estate investment club, associate broker Jan W. Bond was quoted as saying “Auctions can be a good way to buy real estate, often at below market prices.”
Bond went on to say that his company can serve as a buyer’s agent for those wishing to make sure their interests are protected during the buying process. Mr. Bond can be reached at (313)510-6713. Email address is firstname.lastname@example.org. The website is http://www.bondrealty.com
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Bond Realty LLC is a full service real estate brokerage company specializing in listing and selling bank owned foreclosed properties in the Metro Detroit MI area.