The search
After owning a home in California, Marti Woodard knew she wanted to find a deal in metro Atlanta.
She also wanted to pay cash, so she set her limit at $40,000 or less. Woodard focused on Decatur, assisted by Clarke Weeks with Coldwell Banker Residential Brokerage.
“I looked in a variety of neighborhoods. Some were great and some were bad,” said Woodard, 52, who makes cocktail hats and headbands. “It was kind of an adventure for us.”
She saw homes without copper piping, air conditioning units and even toilets. Woodard whittled a list of 50 possible homes down to eight vacant foreclosures, including these three.
No. 1: Ranch near MARTA
The three-bedroom, one-bath ranch home on Beech Drive had a fenced yard and deck, and inside there were hardwood floors. The home was in the Belvedere Gardens neighborhood, walking distance to MARTA and near Decatur shops and restaurants. Built in 1954, it was listed for $33,500.
No. 2: Bungalow in a questionable area
The three-bedroom, three-bath bungalow on Ashburton Avenue was in the Buena Vista Heights neighborhood, near the famous East Lake Golf Club. The brick and frame home had a dishwasher and oven. Although it had been updated with neutral paint, there was some concern about nearby drug activity, Woodard said. The home, built in 1953, was listed for $30,000.
No. 3: Repairs needed
The three-bedroom, one-bath brick ranch on Holly Hill Drive in the Woodland Acres neighborhood had a fenced backyard and a covered front porch. Inside, the home had traditional details such as picture molding in the living room, but had dirty, “crummy” carpet and needed updates in the kitchen and bathroom, Woodard said. Built in 1953, the home was listed for $24,900.
The choice
No. 3. Woodard made offers on all three homes and others she saw during her search. Some homes were already sold by the time she made an offer. Others didn't work out because her offer was too low. "It's hard in that price range. It's the price of a car," she said. The home on Holly Hill was listed for $105,000 in 2004, and she bought it for $25,100 in February (she went from the offer to the purchase in about two weeks). If buying a foreclosure, Woodard said it's important to have a vision. "You walk in, and it's dirty and it's ugly," she said. "You have to look at it and go, 'Wow! What would it look like with a fresh coat of paint?'" She's spent about $2,000 on new kitchen countertops and a sink, a new toilet and painting the home. She also plans to invest in new windows. "It's got a beautiful yard and huge trees," she said. "I am just tickled pink with it."
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