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Couple Find Dream Home At Foreclosure Auction

Auction About More Than Selling Homes, But Rebuilding Communities

POSTED: 9:31 pm CDT July 27, 2010
UPDATED: 11:59 am CDT July 28, 2010

More than $2 million is going back into middle Tennessee's economy, thanks to a real estate auction where many walked away with incredible deals.

The pace was fast, and the sales were quick on Tuesday night. Maria Burnett described it as nerve wrecking.

“It’s so fast. I wish they would slow down,” she said.

Nineteen properties were up for sale in a conference room inside the Renaissance Hotel in downtown Nashville. Real Estate Disposition Corporation hosted the auction live and online.

“We've got homes ranging anywhere from as low as $10,000 to one that is well over a half a million dollars,” said Chris Alcedo with REDC.

From Clarksville to Spring Hill, the best bargain probably went to a Clarksville man who bought a house in Jackson valued at $80,000, for only $4,000.

Burnett and her husband found their dream home plus 10 acres of land at the auction. A four bedroom, four-and-a-half bath off Harpeth School Road in Franklin was valued at $615,100, but the Burnetts said they feel they got a deal at $422,500.

“My husband has always wanted to be on a farm with a little bit of acreage, maybe have a cow or two, so I guess that's what we'll do,” Burnett said.

The auction was also a push to put families into vacant homes and cash back into the economy.

“They are spending money for carpet, for paint, ongoing maintenance, yard stuff, so it just takes a real estate asset and puts it back into the community as a home in a very productive part of that community,” Alcedo said.

Of course, not everyone walked away with a deal. One woman said she left disappointed that someone else snatched up the home she had her eye on.

Alcedo said that the auction will return to Nashville in the coming months.

Click here if you're interested in seeing the list of foreclosed properties available from Real Estate Disposition Corporation.

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