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Come n' Get Yer Foreclosures!

It looks like we're heading into a foreclosure-sale weekend in the Washington area. Brad Branch and Karen Rollings, owners of Prudential Advantage Realty in Olney, are doing bus tours of Montgomery County foreclosures this Saturday and Sunday, June 6 and 7. They said the Saturday tour booked quickly so they're running an encore on Sunday, departing 10 a.m from their office. If you go, please do send me a postcard.

And on Saturday, Hudson & Marshall of Texas, Inc. is offering 102 foreclosed homes in the Washington area at auction. Bidding starts at the Sheraton Premiere hotel in Tyson's Corner at 1 p.m. (though bidding is already under way online). Doors open at 11 a.m. It's a reserve auction, meaning homes won't sell unless bidding passes their minimums. Buyers need to have cash or a certified check for a $2,500 deposit on any property they buy, and a 5 percent buyer's premium will be added to the winning bid.

The Hudson & Marshall folks are mad at me because of a column I wrote last year about my visit to the circus-like auction held by one of their competitors, REDC. I rather like that column; I reported things exactly as I saw them, and I stand by my advice. Though they weren't mentioned in the column, the Hudson & Marshall folks took issue with it, saying they're a much classier act than REDC. (Funny, REDC never complained.)

If you do try your hand at bidding on foreclosures, remember one thing about any auction: The auctioneer's sole job is to fetch the highest price possible for that property. Whether you get a bargain depends solely on your own understanding of the market and your own discipline.

If you spend your weekend hunting foreclosures--by whatever means--come back to the blog on Monday and tell us how it went!

By Elizabeth Razzi  |  June 4, 2009; 6:00 AM ET
Categories:  Buying , Foreclosure  
Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati   Google Buzz   Previous: Will the Busy Real Estate Market Last?
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Why are they complaining that you wrote a story about another company? I never understand corporate PR guys that whine when I write about their competitor and not them. My answer is always: "Well, there's a good reason for that now, isn't there?"

Besides, they are an auction company selling foreclosed much classier could they be? At least those REDC guys wear tuxedos!

Posted by: beaclar | June 4, 2009 2:01 PM | Report abuse

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