Walker Oxley wasn’t looking for a home, or even thinking about buying.But when he heard about a foreclosure, he realized it would be a good time to invest.
When he viewed the loft in Atlanta’s Old Fourth Ward, just steps from the Beltline, he decided to purchase the property through the Freddie Mac First Look Initiative. The program gives homebuyers the opportunity to purchase a foreclosure during its initial 20 days of listing, without competition from investors.
Oxley, 32, an Internet marketer, chatted about his one-bedroom condominium in Dynamic Metal Lofts.
Q: Why did you decide to buy now?
A: Tonya (Marlatt, Coldwell Banker Residential Brokerage Midtown) and I are close friends, and she’s always on the lookout. When she came across the loft, she told me how this is a great investment and great deal in an upcoming and growing neighborhood. I went over to take a look, walked outside and said, “Let’s go ahead.”
Q: What appealed to you?
A: I was living in Inman Park and wanted to stay close to the neighborhood with great proximity to downtown, midtown and Virginia-Highland. I like running in the Inman Park area on the Beltline and Freedom Park trails, and I’m close to friends who live in the area. I also liked that this has more of an industrial feel and isn’t a typical traditional home. It’s modern, but also has skyline views, workout facilities and security.
Q: What did you love about the loft? What have you added so far?
A: I had granite (countertops) put in the bathroom and the kitchen painted. I’m adding improvements such as curtains and dividers (such as screens to partition the room). I started over with some furniture — a new couch, tables, desk and chair — to give it a more modern feel with an industrial look. The great part is that, even though it was a foreclosure, it already had working appliances and was ready to move in.
Q: What was the closing process like?
A: Tonya was able to help in dealing with Freddie Mac. You’re not dealing with a third-party seller or agent like traditional real estate deals, and she was able to push them and keep them on top of the game to keep the deal moving forward and the closing on schedule before the end of the year.
Q: What’s a tip for first-time buyers?
A: Don’t be afraid to ask for what you want, and think creatively with financing. I didn’t do a traditional loan — I set up a private loan with a family member and didn’t have to put down the typical 5 percent. Also find a real estate who is intelligent and works hard for you.
At a Glance
Walker Oxley’s loft, built in 2004 in Atlanta, has one bedroom, one bath and 840 square feet. He purchased it in December 2013 for $105,000. Condominiums in Dynamic Metal Lofts range from the low $100,000s to low $200,000s.
About the Author
