Woman Gets Dream Home for a Third of Its Price at D.C. Auction

johnnymk · 03-16-2009, 06:24 AM

http://cfc.wjla.com/printstory.cfm?id=603844

Homes in foreclosure and up for auction in the D.C. area attracted hundreds of qualified buyers who lined up around the block Saturday in NW to try and get the best deal.

Some of the houses and condos on the auction block had starting bids of just $500, in some cases were sold for half or even a quarter of their once estimated values.

Barbara Lucas just got a two-story, 1,500 square foot home in Hyattesville for $105,000 - less than a third of it's assessed price. "This was the number one pick; it has modern renovations and a huge kitchen!" Lucas said.

All of the houses up for auction this weekend are foreclosed properties, a difficult ending for previous owners but the perfect opportunity for would-be buyers.

"It's the silver lining - if you will - to this foreclosure crisis. They can get excellent financing. They're going to get an auction price. And the sellers here are motivated," said Todd Gladis of the Real Estate Disposition Corporation.

As a result, people lined up Saturday morning for a chance to make a bargain bid, and for many it was their first time.

"A lot of the properties are going for a good discount, so it's kind of hard to ignore...it's just something I wanted to check out," said Heather Byer, Maryland resident.

Meanwhile, others who have done this before are paying attention to the properties they think will pay off.

"This is a good opportunity to buy a property fairly inexpensively, turn it around, rent it out and then, if the market rebound, you can sell it," said Heather Byer, Maryland resident.

"Me and my friends went out the past two Saturdays and looked at probably 40 to 50 properties; just kind of checked them out, took some notes," said Roland Bedregal, Maryland resident.

But for Barbara Lucas, she found a place to call home, taking advantage of a dim economy to create a brighter future.

"It is a blessing; it's a blessing," Lucas added.

Buyers at auctions still need to have good credit and cash to put down. An auction does not make it easier to get a home, but if you're a qualified buyer and are interested in taking advantage of some good deals, the auction continues Sunday at the D.C. convention center

cheapie · 03-16-2009, 08:58 AM

Quote:

"This is a good opportunity to buy a property fairly inexpensively, turn it around, rent it out and then, if the market rebound, you can sell it," said Heather Byer, Maryland resident.

doh!

mcs328 · 03-16-2009, 10:13 AM

Uhm....Hyattesville isn't the best place to live in. Sure it's down the road to Univ. of MD but it's a skecthy area when I drive through it. It gets better toward the university but going the other way it's horrible.

Ditto on the doh. Isn't that the mind set we just went through? Maybe it's more affordable but you need to fill that place with renters who aren't on the verge of being unemployed.

DarkFury · 03-16-2009, 02:33 PM

Quote:

Originally Posted by johnnymk

Barbara Lucas just got a two-story, 1,500 square foot home in Hyattesville for $105,000 - less than a third of it's assessed price. "This was the number one pick; it has modern renovations and a huge kitchen!" Lucas said.

That house must be "all kitchen".

My house is 2 stories at 1600 square feet and I'd not ever say that it has a "huge kitchen"...

She must not have a dining room... just an eat-in kitchen and a great room (family room).

BTW... in D.C. that's a good price, but here in Indy, that house probably would sell for closer to 80 - 90K (unless you live in the more "affluent" neighborhoods.)

avlena · 03-17-2009, 11:41 AM

our condo (2 bed/2 bath) is 1250 sq ft, and the kitchen is huge. And our the dining area, living room, and bathrooms are a pretty good size too. The tradeoff is that the bedrooms are smaller.

I think layout & usage of space matters more then just square footage.

mcs328 · 03-17-2009, 11:55 AM

I have a 2 bed 2 bath also at 922 sq ft. Everything is a decent size I guess except for the kitchen. It's adequate and I've seen smaller in single family homes.

DarkFury · 03-17-2009, 02:14 PM

Quote:

Originally Posted by avlena

our condo (2 bed/2 bath) is 1250 sq ft, and the kitchen is huge. And our the dining area, living room, and bathrooms are a pretty good size too. The tradeoff is that the bedrooms are smaller.

I think layout & usage of space matters more then just square footage.

must be "micro bedrooms"

BTW... what exactly is a "HUGE" kitchen (is probably the question here...) My kitchen is big enough to have one round table with 4 chairs around it in it. Still, it is not "huge" by any means...

My master bedroom is about 14 x 12 and the 2 other bedrooms are about 10 x 10. Still, I'm like trying to figure out where the "huge" is in any room in a 1500 square foot house.

(maybe huge by NYC standards... )

But I will say.. if I didn't have a living room, my kitchen potentially would be huge.

whitealexander · 03-17-2009, 05:35 PM

i have 3 rooms, 2 baths..

Chgoman · 03-17-2009, 08:59 PM

You'd be surprised at how big kitchens can be in smaller homes sometimes. The house I'm selling right now is 1450 square feet, but the kitchen is probably 20 feet by 14 feet which is pretty big.

DarkFury · 03-17-2009, 10:08 PM

Quote:

Originally Posted by Chgoman

You'd be surprised at how big kitchens can be in smaller homes sometimes. The house I'm selling right now is 1450 square feet, but the kitchen is probably 20 feet by 14 feet which is pretty big.

I bet you only have a "great room" and not a separate living room/dining room right?

03-16-2009, 06:24 AM	#1
johnnymk Chief of Naval Operations Join Date: May 2000 Location: LEVITTOWN< PA> USA Posts: 13,621	Woman Gets Dream Home for a Third of Its Price at D.C. Auction http://cfc.wjla.com/printstory.cfm?id=603844 Homes in foreclosure and up for auction in the D.C. area attracted hundreds of qualified buyers who lined up around the block Saturday in NW to try and get the best deal. Some of the houses and condos on the auction block had starting bids of just $500, in some cases were sold for half or even a quarter of their once estimated values. Barbara Lucas just got a two-story, 1,500 square foot home in Hyattesville for $105,000 - less than a third of it's assessed price. "This was the number one pick; it has modern renovations and a huge kitchen!" Lucas said. All of the houses up for auction this weekend are foreclosed properties, a difficult ending for previous owners but the perfect opportunity for would-be buyers. "It's the silver lining - if you will - to this foreclosure crisis. They can get excellent financing. They're going to get an auction price. And the sellers here are motivated," said Todd Gladis of the Real Estate Disposition Corporation. As a result, people lined up Saturday morning for a chance to make a bargain bid, and for many it was their first time. "A lot of the properties are going for a good discount, so it's kind of hard to ignore...it's just something I wanted to check out," said Heather Byer, Maryland resident. Meanwhile, others who have done this before are paying attention to the properties they think will pay off. "This is a good opportunity to buy a property fairly inexpensively, turn it around, rent it out and then, if the market rebound, you can sell it," said Heather Byer, Maryland resident. "Me and my friends went out the past two Saturdays and looked at probably 40 to 50 properties; just kind of checked them out, took some notes," said Roland Bedregal, Maryland resident. But for Barbara Lucas, she found a place to call home, taking advantage of a dim economy to create a brighter future. "It is a blessing; it's a blessing," Lucas added. Buyers at auctions still need to have good credit and cash to put down. An auction does not make it easier to get a home, but if you're a qualified buyer and are interested in taking advantage of some good deals, the auction continues Sunday at the D.C. convention center

03-16-2009, 10:13 AM	#3
mcs328 Admiral Join Date: Feb 2001 Location: Maryland Posts: 6,578	Uhm....Hyattesville isn't the best place to live in. Sure it's down the road to Univ. of MD but it's a skecthy area when I drive through it. It gets better toward the university but going the other way it's horrible. Ditto on the doh. Isn't that the mind set we just went through? Maybe it's more affordable but you need to fill that place with renters who aren't on the verge of being unemployed. __________________

03-17-2009, 11:41 AM	#5
avlena Captain Join Date: Mar 2002 Location: So-Cal Posts: 1,691	our condo (2 bed/2 bath) is 1250 sq ft, and the kitchen is huge. And our the dining area, living room, and bathrooms are a pretty good size too. The tradeoff is that the bedrooms are smaller. I think layout & usage of space matters more then just square footage. __________________ Have a groovy day!

03-17-2009, 05:35 PM	#8
whitealexander Lieutenant Junior Grade Join Date: Jan 2009 Location: 2200 Norma Lane Monroe Posts: 157	i have 3 rooms, 2 baths.. __________________ beware what you wish for...

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03-17-2009, 11:55 AM	#6
mcs328 Admiral Join Date: Feb 2001 Location: Maryland Posts: 6,578	I have a 2 bed 2 bath also at 922 sq ft. Everything is a decent size I guess except for the kitchen. It's adequate and I've seen smaller in single family homes.

03-17-2009, 08:59 PM	#9
Chgoman Lieutenant Commander Join Date: Apr 2002 Location: Mission Viejo, CA Posts: 696	You'd be surprised at how big kitchens can be in smaller homes sometimes. The house I'm selling right now is 1450 square feet, but the kitchen is probably 20 feet by 14 feet which is pretty big.

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