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As the tidal wave of foreclosures continues to saturate the nation's sluggish real estate market with even more inventory, investors and first-time homeowners are discovering real estate auctions offer a pick of deals.
Unlike the traditional home purchase process where sellers name the price, in the auction process buyers determine the selling price of a property through a competitive bidding process where a property's true market value emerges.
The Dallas-based real estate auction firm of Hudson & Marshall will auction nearly 500 foreclosed homes in cities throughout Illinois and Indiana on August 13-19. About 200 of the properties for auction are located in Chicago alone.
The homes are owned by national lenders anxious to sell the properties to ...