Tuesday, March 25, 2008 11:10 AM
Exclusive Interview with Dave Webb of Hudson & Marshall
posted by
Octavion
As foreclosures continue to mushroom, lenders are increasingly turning to the auction block to sell foreclosure properties.
In April, Foreclosure News Report will spotlight the fast-growing foreclosure auction market and cover other hot foreclosure issues.
One of the experts interviewed for the Foreclosure News Report story was Dave Webb, principal of Hudson & Marshall, a major auction firm in Dallas, Texas. Webb believes now is a good time to buy foreclosure properties. Read Webb’s exclusive interview below:
Is now a good time for investors to buy bank-owned foreclosures at auction?
“Bank-owned foreclosure auctions are a great way for buyers to find exceptional values on homes because lenders are anxious to unload these properties. Everything runs in cycles. In the late 1980s, Houston looked like a ghost town because of the oil bust. It looked like what Detroit looks like now. Now homes that sold for $30,000 are selling for $100,000 in Houston. Eventually all markets do come back. I think it’s a good time to buy bank-owned foreclosures.”
You have some auctions coming up soon, tell us about it?
“I’ve got nearly 800 bank-owned properties to sell in Michigan starting March 25 through March 30. We’ll be selling 100 to150 properties a day in the metro Detroit area. The homes there range in price from $2,000 to $500,000.
“Next we go to Florida, where on April 7 through April 13, we’re selling 650 bank-owned foreclosures in Fort Lauderdale, Port St. Lucie, Melbourne, Daytona Beach, Jacksonville and Destin, Fla.
“We also have auctions scheduled in Colorado on April 19, where 150 homes are for sale; Las Vegas on April 20, where 300 foreclosures are on the block; and the Washington, D.C.-Maryland metro area, where 45 properties are on the block. Arizona is scheduled for April, and we’re back in California in June.”
Is your business growing?
“Last year we sold 9,000 units. This year, our business will double. We’ll sell 18,000 units.”
Learn more about Hudson & Marshall and the fast-growing bank-owned foreclosure auction market by ordering your first issue of the Foreclosure News Report for free.