Auction Company Rolls into Atlanta Saturday To Launch Campaign Featuring 550+ New Foreclosures

Friday, July 23, 2010

What will the foreclosed Atlanta area castle once valued at $869,430 sell for at auction on Saturday? Or the7,860 square foot area mansion once valued at $670,000?

Atlanta homebuyers and investors will be bidding on these foreclosed mansions – and other half-million-dollar foreclosures - as REDC, the nation's leading real estate auction company, rolls into Atlanta on Saturday for the first of a huge 4-day, 6-city auction series that features 550+ new foreclosures in Georgia, No. Carolina, So. Carolina, Alabama, Mississippi, and Tennessee. Media is welcome. The auction is 9:30 a.m. at Georgia International Convention Center.

The auctions are geared to fuel the local economy and turn houses back into homes. This is the 18th auction REDC has conducted in Georgia and the Southeast this year. The last one was mid-June, when it auctioned 733 foreclosures for $20.8 million. In all, $67 million has been spent on Georgia and Southeast foreclosures this year.

“Interest in foreclosure auctions – live and online – is skyrocketing in Georgia, the Southeast and across the nation,” says REDC CEO Jeff Frieden. Overall this year, REDC has auctioned more than 20,000 properties for nearly $900 million.

Best Atlanta foreclosure deals:
4866 Brownsville Rd Powder Springs, GA 30127 – 7860 sq ft 13 room mansion previously valued at $670,000; starting auction bid $159,000;
92 Chestnut Ridge Dr Dahlonega, GA 30533 - 5553 square foot 12-room mansion previously valued at $869,430; starting auction bid $119,000;
3193 Eagle Watch Dr Woodstock, GA 30189-- 6916 sq ft 12 room mansion previously valued at $470,000; starting auction bid $159,000;

“The auctions will fuel the economy in Georgia, No. Carolina, So. Carolina, Mississippi and Tennessee,” says Mr. Frieden. “When a house sits vacant, no one is paying a mortgage, property taxes, nor gas, electric and water bills - all of which hurts the local and national economy. But when REDC put a family into a home, they're paying a mortgage, property taxes, gas, electric and water bills, and they're creating jobs by hiring landscapers, painters and electricians - all of which fuels the economy."

Here is the complete Southeast auction schedule:
July 24, Georgia International Convention Center, 9:30 a.m.
July 25, Charlotte Convention Center, 9:30 a.m.
July 26, Raleigh's Holiday Inn Brownstone, 6:30 p.m.
July 26, Knoxville Convention Center, 6:30 pm.
July 27, Hyatt Regency Savannah (GA), 6:30 p.m.
July 27, Renaissiance Nashville, 6:30 p.m.


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