700 home sites, other REOs set for auction in Atlanta area
John Dixon & Associates is auctioning a large inventory of bank-owned real estate, including homes, commercial buildings and land and residential lots in the Atlanta area next month. On May 25 and 26, eight commercial properties, 10 commercial plots, 15 homes, 11 acreage tracts and more than 700 undeveloped home sites will be available for bidding. The auction house said many of the home sites will be sold as entire subdivisions. "These alone present some very interesting opportunities for investors and builders, who will likely be able to obtain these lots for a fraction of their former price," said John Dixon, president of Marietta, Ga.-based company. "The credit crisis and recession left banks holding a lot of real estate, and we haven't had a sale with this many properties in several years." The company is hosting the auction on behalf of a major regional bank that was not identified. All of the properties have been through the foreclosure process. They are spread across 18 counties to the south of Interstate 20, which runs through Atlanta. Because of the volume of inventory, the auction will be held over two days. Properties to the west of U.S. 19, which includes Atlanta, LaGrange, Fayetteville, Riverdale and Tyrone, will be up for grabs on Wednesday, May 25. Properties to east of the same highway in cities such as Macon, Jackson, McDonough, Stockbridge, Conyers and Covinton are available for purchase the following day, Thursday, May 26. Both auctions will be conducted at the Quality Hotel & Conference Center in College Park, Ga. Bidding begins at 11 a.m. Eastern both days and Internet bidding is available by prior arrangement. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.