REO Auctions to be Held at DC-Area Homes
Nearly 130 real estate owned (REO) homes in Washington DC, Maryland, Virginia and West Virginia will go on the auction block this weekend, and 14 of the auctions will occur at the property being sold, auctioneer Hudson & Marshall said. Over 50 homes will be auctioned in DC alone. The homes that aren’t being auctioned on site will be sold at a series of auctions at various hotels in the region throughout the weekend. Six homes will be auctioned on Hudson & Marshall’s Web site. Prospective buyers can also make an offer on a home online before the auction. The sellers will pay for the title insurance, and winning bidders are required to make a $2,500 deposit on any auction they win. Hudson and Marshall said REO properties typically sell at a 15 to 20% discount. “Slowly, home sales have been picking up and buyers are responding to the historically low prices and jumping back into the market. With prices this low, there really has never been a better time to purchase a home, particularly foreclosed property because buyers get so much value for their money,” said Hudson & Marshall principal Dave Webb. Write to Austin Kilgore.