Auctions Help Local Communities.(Managing REO)

Byline: Amilda Dymi

Atlanta-An auction program has been designed to assist buyers in search of an affordable property as well as banks looking to reduce the number of nonperforming loans on their books.

Real estate-owned auctioneer Hudson & Marshall's Alliance Network Program helps reduce the surplus of vacant homes for sale by making the process more affordable for buyers. The goal, Hudson & Marshall said, was to auction off over 300 bank-owned foreclosures in Atlanta in three days. The program was developed as a community outreach initiative, the REO auctioneer said, in cooperation with local organizations in cities where it conducts auctions. Primarily it was not only to expand the number of qualified owner-occupant buyers, particularly first-time buyers, looking for discounted homes, but also to connect investors with tenants in need of homes. Hudson & Marshall first launched the Alliance Network Program in January at its Detroit auction and will offer it in other cities throughout the year.

"The program reflects the company's growing desire to help communities turn around their local housing markets by providing greater access to housing opportunities to people in need of homes," remarked Dave Webb, principal, Hudson & Marshall. "This is a complete housing solution, connecting homebuyers with homes and investors with resources they need to turn their purchases into revenue-generating properties."

As part of Hudson & Marshall's program, the company strategy includes encouraging investors attending the auction, who are in search of tenants, to list their properties ...