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HUD Auctions Off Foreclosed Homes Online

WASHINGTON DC – The federal government Tuesday (Feb. 10, 2004) said it plans to sell up to 4,000 foreclosed homes in a special Internet auction scheduled for Feb. 27-28.

It’s not the first time the Department of Housing and Urban Development has used the Web to market properties, but it claims this auction will be different. HUD will publicize the sale in major newspapers across the country and use special procedures in its listings.

Auction properties will be pulled from the market three weeks before the sale dates and will be ready for inspection beginning Feb. 15,  when they will be listed on HUD’s website. Prospective buyers can shop and compare available listings before submitting auction bids. All properties will be sold on an “as is” basis, without warrantee or guarantee.

HUD Assistant Secretary for Housing John C. Weicher said the auction advances the agency’s “mission of increasing homeownership and expanding the supply of affordable housing.”

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