Massive Motown foreclosure auction (700 properties in 3 days)

http://money.cnn.com/2007/09/10/real_estate/biggest_motown_auction/index.htm?postversion=2007091112 ^ | 9-11-07 | Les Christie

[Hydroshock]

NEW YORK (CNNMoney.com) -- Nearly 700 homes in the Detroit area will be auctioned on Sept. 21 through the Sept. 23, one of the biggest home auctions ever.

Rising default rates in the economically hard-hit, auto-industry town have riddled the Detroit housing market. There's an abundance of bank-owned properties available for sale.

"Because many of these properties have been on the market for a year or more, banks are very anxious to find buyers . . . it's not unusual for the properties to sell at auction below their price list," said Dave Webb, one of the owners of Hudson & Marshall's home auction division, the property auction giant that is conducting the auction.

"Right now, it's a buyer's market and there are tons of inventory. I expect prices to come way down," he said.

The properties come with clear titles; there are no liens or encumbrances such as back taxes on them. There's also a wide range of houses available with pre-auction prices running from about $5,000 to a bit more than $600,000.

Most of the properties can be inspected the weekend of September 15 from 1 PM to 3 PM both Saturday and Sunday. The descriptions and addresses can be accessed at Hudson & Marshall's Web site.

[50sDad]

Paging ROBOCOP!

[Hydroshock]

ping

[AppyPappy]

Flip this crack house.

You buy this house, show up to fix it up and find out it has squatters living in it and you can’t evict them for 6 months.

[poobear]

I’m sure this auction will appeal to many families interested in neighborhoods with low crime and good schools.

[Wally_Kalbacken]

Get down, get funky wit it!

[PAR35]

Flip this crack house.

I don't know. The $600,000 ones probably won't need much fixup. Just bring your own pit bull and open for business.

[SueRae]

There’s a growing Muslim population in neck of the woods. (Dearborn) This may provide them another opportunity for ‘growth’

[HANG THE EXPENSE]

Who in the hell would move to detroit? If the house was free I still would not even consider moving to that scathole.From the numbers posted I am not alone.

[2banana]

The properties come with clear titles; there are no liens or encumbrances such as back taxes on them

Now THAT is the way to sell a foreclosed house.

[Hydroshock]

There is not enough beer in Germany to get me drunk enough to move to Detriot.

[dfwgator]

Paging ROBOCOP!

"I'll buy that for a dollar."

[dfwgator]

Do they still have “Devil’s Night” in Detroit? If so, problem solved.

[KentTrappedInLiberalSeattle]

Massive Motown foreclosure auction (700 properties in 3 days)

Be the first one on your block to actually own a real, live Vandella!

[patton]

quo video.

http://www.hudsonandmarshall.com/auctionInfo.asp?auctionName=Over+300+Homes+throughout+Washington+DC%2C+Virginia%2C+Va%2E+Beach+and+Maryland%21&auctionID=370

[bert]

the only solution is tear it down.

They might accidentally burn it if you’re lucky

[BurbankKarl]

12093 RACINE ST DETROIT, MI 48205 MLS ID# 27084138 $6,000 4 Bed, 1.5 Bath, 1,350 Sq. Ft.

[-=SoylentSquirrel=-]

Nice reference.

[Leisler]

Click Here to see the houses.

[blam]

I’ve read that many of the vacant lots in downtown Detroit are being used to grow vegetables.