FDIC-seized properties to be auctioned at live event, online

A group of Arizona homes and other properties seized by the Federal Deposit Insurance Corporation are available for purchase through an online auction and at a live event scheduled for Tuesday evening in northeast Phoenix.

The FDIC, which regulates banks and insures deposits up to $250,000, has shut down dozens of banks during the past year, including eight in Arizona, according to its website, fdic.gov.

One of the federal regulatory group's responsibilities is to auction off the assets of those failed institutions.

Dallas-based auctioneer Hudson & Marshall is scheduled to conduct a live auction starting at 7 p.m. Tuesday at the JW Marriott Desert Ridge Resort and Spa, 5350 E. Marriott Drive, in the Desert Ridge area.

The event is just one scheduled stop on an eight-city tour across Arizona, Nevada, California, Utah and Washington state, according to the auctioneer.

Hudson & Marshall principal Dave Webb said the nearly 200 properties for sale include primarily high-end homes, former investor-owned homes and some vacant land.

"This auction offers property for every type of buyer, from investors to those looking for homes to live in," Webb said, adding that list prices for the various properties ranged from $5,000 to $1.5 million before falling into FDIC hands.

In addition to the live events, Hudson & Marshall has set up a website, AuctionFDIC.com, where many of the homes and other properties already are open for online bidding.

Prospective buyers must bring with them either $2,500 or 5 percent of the purchase price, whichever amount is greater, either in cash or a certified check.

by J. Craig Anderson The Arizona Republic Aug. 14, 2010 10:09 PM



FDIC-seized properties to be auctioned at live event, online