November 19, 2007 8:33 AM

Two more auctions coming to Denver

A Dallas and a Beverly Hills based company will sell about 230 foreclosed homes in the Denver area next month.
In the first auction, Dallas-based Hudson & Marshall will auction 131 foreclosed properties in the Denver area on Dec. 1, at 1:00 pm at the Denver Marriott Tech Center.
The homes are valued from $15,000 to $475,000.
They are are owned by national lenders or asset management companies and come with an insurable title, free of back taxes or liens. These are foreclosed properties also known as Real Estate Owned (REO), which means they have been repossessed by the lenders and the homeowners have vacated the homes. For detailed property listings and auction information, buyers can visit www.hudsonandmarshall.com.
“Many of the foreclosed homes Hudson & Marshall has auctioned over the last year are move in ready or need very little fixing up," Dave Webb, principal of Hudson & Marshall said in a statement.
"We are seeing more and more families and first time homebuyers attend our auctions held all over the US,” added Webb. “In today’s sluggish housing market, where buyers can almost set their price for homes, this is an opportunity to find deals on property.”
According to Realtytrac, for the third quarter of 2007, Denver ranked 12th in the nation among metro foreclosure rates with a total of 13,179. This is an increase of about 28% over the number of foreclosure filings in Denver for the second quarter of 2007.
There are no minimum starting bids on homes; the buyers set the price and all contracts close in 30 days.
Pre-registration is not required. Winning bidders must make a cash or check down payment of $2500 or 5% of the total selling price, whichever is greater.
All homes are sold “as is” and interested buyers are encouraged to inspect properties prior to placing bids. Buyers can view properties during the open house from 1 p.m. to 3 p.m. on Nov. 26. They can also call listing agents to schedule appointments.
This is a reserve auction, which means the sellers reserve the right to accept or reject any offer but the good news is in past auctions held by Hudson & Marshall more than 90% of offers have been accepted.
In the second auction, Kennedy Wilson of Beverly Hills will sell about 100 bank-owned homes in 34 towns and cities in Colorado, including Denver, Aurora, Littleton, Arvada, Pueblo, Westminster, Greeley and Loveland
The Kennedy Wilson auction will begin at 11 a.m. on Dec. 16 in the Korbel Ballroom at the Colorado Convention Cetnter.
Starting bids range from $5,500 to $375,000 on homes previously priced up to $883,900.
One home in LaSalle, which previously listed at $429,900, for example, will have an opening bid of $185,000.
All properties will be open for inspection from 11 a.m. until 4 p.m. on December 1, 8, 9 and 15. Potential bidders can attend a "How To Buy" seminar tat the Colorado Convention Center on Wednesday, December 12 at 4 p.m. and 6 p.m. for potential buyers.
"The seminar will be especially helpful if you have not bought a home at auction before, and a nice refresher for those who have, " Rhett Winchell, president of the Kennedy Wilson Auction Group, said in a statement.
Potential bidders can participate in a live practice auction with the auctioneer and learn about the auction process, how to register, how to pre-qualify for financing, bidding strategies and auction terms and conditions.
For more information, visit the auction information office at 6465 Greenwood Plaza Blvd., Suite 200, Centennial CO, or the website at www.CoPropertyAuction.com

Posted by John Rebchook at 8:33 AM | Comments (0)