Foreclosure offers challenge, opportunity

By Lori Johnston

For the AJC

Tom Dunn and his family decided to return to the Atlanta area to live closer to relatives. The challenge was that Dunn’s job in Columbia meant weekends were the only time available to search for a home.

Christopher Oquendo/Special Since closing on a foreclosure in Alpharetta in June, Tom Dunn and his family have added $25,000 in improvements.

Christopher Oquendo/Special No. 1: "Brady Buch" style

Christopher Oquendo/Special No. 2: Foreclosure fixer-upper

Christopher Oquendo/Special No. 3: Too close for comfort?

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Agent Susan Craig with Coldwell Banker Residential Brokerage made her weekends available, helping narrow the search down to these three homes in Alpharetta.

The search:

No. 1: “Brady Bunch” style

The three-bedroom, 2 1/2-bath home on Colony Club Drive had a contemporary style, along with a roomy kitchen and a family room with a fireplace. The home needed new siding, among other changes. It was in the Rivermont neighborhood, a swim, tennis and golf community. The steep driveway was a detractor, though. The home, built in 1983, was listed for $134,900.

No. 2: Foreclosure fixer-upper

The three-bedroom, two-bath ranch home on Trellis Crossing needed work, which meant it was in perfect condition for “weekend warriors” like the Dunn family. “Basically, the whole house needed to be redone,” Tom said. The Chadbourne community also had a pool and tennis courts. The price of the home, built in 1997, had dropped by 20 percent (listed at $145,000) the night before Tom looked at it.

No. 3: Too close for comfort?

The two-bedroom, 2 1/2-bath home on Regency Road in the Devonshire community was completely updated, including new carpet. The floor plan had a master on the main, plus a loft on the second level. But the cluster home setup limited the privacy because of the proximity of the neighbors. The home, built in 1997, was listed for $137,000.

The Choice

No. 2. The couple first put an offer on No. 1, but it wasn’t accepted. After multiple delays, including waiting a month for a lien to be settled (more than $900 in overdue homeowners association fees), they finally closed on home No. 2 in June. “If you’re going to buy a foreclosure, just be prepared for something to go wrong and be patient,” Dunn said. “You may be told it’s going to close in 30 days, but expect it might go 90 days, 120 days, if there’s some glitch like we had.” Since closing, they have added $25,000 in improvements.