Real estate auction firm Hudson & Marshall will auction over 400 bank-owned foreclosures in cities throughout Ohio and Pennsylvania April 20th – 26th. About 80 homes will be auctioned in Cleveland on April 25th, the company said in a press statement Tuesday. According to RealtyTrac, foreclosure filings nationwide ballooned to 341,180 in March 2009, jumping 45% from a year ago. Ohio reported 12,611 filings in March, ranking 11th with its foreclosure rate, one of the highest among the states. Pennsylvania reported a total of 4,943 foreclosure filings for the month, earning it the 32nd spot. “Over the past two years, we’ve seen the crowds steadily increase at our bank-owned foreclosure auctions because people have begun to realize they can get purchase property quickly at a great value,” said Dave Webb, principal, Hudson & Marshall. “Because auctions sell large volumes of property at one time, we’re able to help cities reduce the number of vacant homes dragging down property values and bringing blight to neighborhoods,” added Webb. The homes up for auction come with a clean, insurable title paid for by the sellers, Webb said. Buyers will be required to make a $1,000 deposit with a certified check or cash on each property on which they are the winning bidder; before the auction, as well, Webb cautions that would-bebuyers should try to get pre-approved for a loan so they know how much they can bid on a property. All homes being auctioned by Hudson & Marshall are sold “as-is” — as with most REO auctions, the firm recommends that buyers should inspect properties before placing any bids. For more information, visit http://www.hudsonandmarshall.com. Write to Paul Jackson at [email protected].

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