Foreclosure bargains: $56K Decatur house snapped up


By RHONDA COOK
The Atlanta Journal-Constitution

Published on: 06/30/08

Ahmed and Nimat Robinson went in search of home sweet home. And they found it.

The Robinsons were among hundreds who, over five days ending Sunday, bought at auction 300 metro Atlanta homes lost to foreclosure. Investors walked away with properties for only tens of thousands of dollars. Families found brick homes with as many as seven bedrooms for as little as $200,000.




In many cases the lender had agreed to take whatever was offered.

Another couple, Shea and Heather Futral, hope they snagged a 2,800-square-foot house in Oxford in Gwinnett County. If the bank accepts their $132,500 bid, they will have a home when they move back to Georgia from Missouri, where Heather Futral has been studying the past year.

An auction company ran the bidding on behalf of banks or lenders trying to unload repossessed properties.

The Futrals, expecting their second child in October, also bought two investment properties, their main motive for attending the auction at a Buckhead hotel Saturday.

The Robinsons had to go both days — Saturday and Sunday — to get their first home.

They had their hearts set on three houses and skipped over several others to get to them. Later they regretted letting some deals go by.

"We wish we would have snatched that up," Nimat Robinson, a middle school teacher, citing one.

The biggest of the three on the Robinsons' Saturday wish list was within Atlanta city limits, south of I-20 and west of I-285. The seven-bedroom, four-bath house went for $200,000, above their limit.

When the couple went home to their two-bedroom apartment in Lithonia on Saturday, their annoyed 8-year-old daughter, Carolyn, asked why they didn't "just buy something." So on Sunday, the Robinsons did.

For $56,000, the family got a four-bedroom house in Decatur near Nimat's mother and the school where she teaches. All they had to go on was a picture of the outside and a street address.

"It wasn't on our list," Ahmed Robinson said. "It was a blind bid. I hope there won't be too much work to do on it."

But they know the neighborhood.

"We're so happy," Nimat Robinson said. "We're ready."


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Buzz up!

It is so sad to me to see so many families lose their homes. Lucky for the ones that snatched them up, but still a damn shame.

wow. i know it's 'legal' and all but still.... paying pennies for other people's failed hopes and dreams. ...

there's something weird about this picture huh...

That's why I'm looking to buy this year. I can most likely find one in my price range with the foreclosures.

It's unfortunate for the previous owners, but who wouldn't snap up the opportunity if they can?

XxAxX said:

Very.....it's not right but that is how it goes.

XxAxX said:

it is weird, and to think at that price they could have afforded to keep their home.

it make absolutely no sense

You want to know the worst thing about this? If you live next door, or down the street, from one of these foreclosures, guess what YOUR home's market value just became?

Maybe not as low as the foreclosed home, but it just took a BIG hit.

My freinds that live about 10 miles outside of Asheville are taking a
50 thousand dollar loss of the price ( VALUE !! ) of their home JUST to be able to sell

Isn't the government supposedly helping people who go into forclosure? Is is the help just for the big corporations?

XxAxX said:

Well, really it's paying pennies for other people's stupid decisions, where they bought more than they could afford.

Nothing weird about it at all as far as I can tell.