100 Missouri Foreclosure Homes Attract Bargain Hunters

by cassy82 | October 24, 2008 at 07:52 am

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There are a couple of things that are delighting home buyers lately. The first is the low home prices and second is the large inventory of homes for sale in the market. For these reasons, it is not surprising that buyers are getting excited with announcements of foreclosure auctions.

Why not? A foreclosure auction is the perfect venue to find bargain properties. Since these repossessed properties come with asking prices that are just a fraction of their current market value, you can expert buyers to flock them.

One such foreclosure auction that is currently generating interest among bargain hunters is the one that will be held on October 28 to 30 at St Louis, Springfield and Kansas City in Missouri.

Based on RealtyTrac Inc, the state’s foreclosure rate for the month of August placed it on the 18th spot among the states with the highest foreclosure rate. With one filing for every 699 homes, Missouri is obviously being hit hard by the foreclosure crisis.

According to Hudson & Marshall, the foreclosure auction organizer, they are expecting a lot of investors, first time buyers and people who are looking for second or even third homes. For them, the timing is just right to purchase a foreclosed property. With the sellers of these distressed properties anxious to reduce their inventory, huge discounts can be expected.

Initial bids will range from $7,000 to $120,000. Properties to be auctioned off come with guaranteed title insurance. If you are interested, you are required to deposit $2,500 in cash, certified funds or cashier’s check if you have the winning bid. Keep in mind that the foreclosure properties are sold “as is” and it would be wise to inspect the ones you are interested in before the day of the foreclosure auction.

By Cassiano Travareli