D.C.-Area Home Hunters Look for Bargains|ABC 7 News

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D.C.-Area Home Hunters Look for Bargains

posted 6:28 pm Sun October 07, 2007 - WASHINGTON

tags: foreclosure • housing • real estate

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ABC 7 News - D.C.-Area Home Hunters Look for Bargains

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D.C.-area home hunters are turning to foreclosures in hopes of scoring their dream house for a fraction of the cost.
The sub-prime mortgage crisis has left banks with a glut of foreclosed homes and now 300 area homes are slated to go to auction.

Hudson and Marshall, the nation's largest auction house, will open bidding on October 6th at the Hilton in Crystal City and the 7th at the Hilton in McLean.

"We close in 30 days, no questions asked. The properties are sold as is," Crystal Wright with Hudson and Marshall explained. "You just have to come with $2,500 or 5 percent of the selling price."

Prospective buyers can check out the homes for sale online at Hudson and Marshall's website.

The properties range from modest bungalows in Silver Spring to five-bedroom mansions in Fredericksburg.

The homes are typically auctioned off at 20 to 30 percent below the already discounted list price. Open houses are scheduled this weekend for all of the 300 properties listed.

For the auction schedule, CLICK HERE.

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