Auction of Over 350 Foreclosures in MA, NY, NJ, and RI Make Home Ownership Affordable

Valued from $9,000 to nearly $500,000, all Homes Owned by National Banks and Will Be Auctioned by Hudson & Marshall May 13th-May 18th

BOSTON, May 6 /PRNewswire/ -- In a sluggish housing market, real estate auctions of bank-owned foreclosures make the dream of homeownership even more affordable for buyers. Many foreclosed homes usually sell at auction below market value because they have been sitting on the market for months and banks are eager to sell these properties, which are costing them money.

Hudson & Marshall will auction over 350 bank-owned homes, also known as real estate owned (REO), on May 13th- 18th at cities throughout Massachusetts, New Jersey, New York, and Rhode Island. Nearly 170 homes will be auctioned in the Boston area. All homes come with title insurance paid for by the sellers. Winning bidders must make a 5% deposit of the sales price for each property, of which $2500 must be a cashier's check or cash. The remainder may be paid with a personal check.

"Buyers are beginning to realize in today's market their dollars go farther at real estate auctions." said Dave Webb, principal, Hudson and Marshall. "The entire auction process is simple, easy and transparent. There are no minimum starting bids. Homebuyers see their competition and decide what a home is worth to them on that particular day," added Webb.

Buyers may preview the northeast properties being auctioned at the open house scheduled for Thursday, May 8 and Saturday, May 10 from 1:00 - 3:00 pm or by contact listing agents to make an appointment. Complete auction details may be found at www.hudsonandmarshall.com or by calling 866-539-4172.

Hudson & Marshall will auction the homes on the following dates: Newburgh, NY-May 13th- (7 homes); Buffalo, NY-May 13th - (20 homes); Rochester, NY-May 14th- (6 homes); Syracuse, NY-May 14th- (5 homes); Willingboro, NJ-May 15th- (11 homes); Schenectady, NY-May 15th- (7 homes); Newark, NJ-May 15th- (48 homes); Springfield, MA-May 16th- (23 homes); Boston, MA-May 17th - (169 homes);

Providence, RI-May 18th- (46 homes); and Hartford, CT-May 18th-(17 homes).

From start to finish, Hudson & Marshall's expert staff educates first time auction goers on every step of the process. The day of the auction, staff members answer questions, register bidders, explain how bidding works and provide buyers with sample contracts to review. During the auction, bid assistants help bidders track and place bids and winning bidders are given a closing checklist and offered extra guidance from Hudson & Marshall staff to meet closing deadlines.

Purchasing a home through auction is very similar to buying one off the market. The only difference is the process moves much faster. All homes are sold as is and close in 30 days or less. Before attending the auction, buyers should inspect the houses they want to bid on and ask listing agents about home values in neighborhoods to determine the price ranges homes may be auctioned for. Finally, prospective buyers should talk with lenders to get pre-qualified for loans.

Prior to the auction, buyers can purchase property online by visiting www.hudsonandmarshall.com and clicking on the Bid-Now icon. Sellers usually respond to offers within 24 hours. This is a reserve auction, which means the sellers have the right to accept or reject any bid; however, in past auctions conducted by Hudson & Marshall, the majority of offers have been accepted.

Having sold over 70,000 homes for sellers in the past eight years, Hudson & Marshall of Texas, Inc is the most experienced, trusted leader in the REO auction industry. In 1998 before the foreclosure crisis began, Hudson & Marshall began selling foreclosed homes. The company's accelerated sales process enables it to swiftly and efficiently sell large volumes of property in a way that minimizes expenses for sellers and maximizes return. Over the past five years alone, Hudson & Marshall's total sales have topped $1.2 billion and the company anticipates selling another 30,000 homes through 2009.

About Hudson & Marshall of Texas Inc.

H&M is America's Premier Auction Authority. Our 40-year history combined with our continued process enhancements have allowed us to become one of the largest and most respected real estate auction firms in the United States. H&M has set the standard as a full service auction company and continues to consistently raise the bar for our industry. Our number one priority is to provide top-quality service to our customers. Buyers know they can count on H&M to provide value and service from the initial property offering through the closing process. This same approach provides sellers with a one stop single solution to the disposition of real estate assets. Sellers particularly appreciate H&M's streamlined approach that handles their assets from marketing through closing and funding. The H&M process allows the seller to minimize expenses and maximize return. H&M has assisted clients ranging from individuals to large, medium, and small corporations, government agencies, and financial institutions. Recently, H&M has sold and closed over 70,000 homes throughout the country. See more about H&M at www.hudsonandmarshall.com.

CONTACT: Crystal Wright

Public Relations Strategist

202/829-0848