Jamal Anderson: ‘Dirty Bird’ House In Atlanta Sold In Foreclosure Auction

Retired National Football League (NFL) running back, Jamal Anderson, recently lost his 10-bedroom, 12-bathroom luxury home in Atlanta, Ga., in a foreclosure auction, according to AccessAtlanta.com.

Anderson purchased that mansion for $1.25 million back in 1999, which was at the height of his success on the gridiron. In fact, it was around the same time he helped the Atlanta Falcons to its first Super Bowl in franchise history against the Denver Broncos. Anderson — who led the conference in rushing that year with more than 1,800 yards — picked up 96 yards on the ground in a losing effort (34-19).

After a seven-year career, the “Dirty Bird” hung up the pads in 2001 after suffering a serious knee injury.

Anderson has gone on to become a football analyst on television, often appearing on ESPN and other major networks. He has also had a public battle with the Internal Revenue Service (IRS) since his retirement, as well as brushes with the law that include suspicion of cocaine possession and Driving Under the Influence (DUI).

In 2007, Anderson and his now-foreclosed “crib,” which the bank unloaded for $225,000 less than what he paid for it more than a decade ago, were featured on MTV. Video of Anderson’s MTV “Cribs” episode is below.

CraigsList Foreclosure Fire Sale Fail

Note to all families in foreclosure who feel the need to sell their belongings — or in this case, give them away — via CraigsList.com:

Be very, very careful.

A family in Woodstock, Ga., recently posted an ad on the online classifieds clearinghouse, inviting others in the area to, “come over and take whatever you want” because they were moving as a result of foreclosure and wanted “everything to go for free.” Some of the items listed in the ad included a couch, chairs, lots of household and kitchen items/appliances and clothing, among others.

The items mentioned above were to be placed in the driveway like a traditional garage sale; however, guests arrived earlier than the 10 a.m. ET start time and entered the house while the family was not around. In fact, according to the homeowner who arrived on the scene to see “cars around the block” and everyone “like ants in and out of the house,” his home was ransacked and plundered.

Even personal belongings and family keepsakes were removed without permission.

Here is how the homeowner attempted to rationalize the situation (via 11alive.com):

“Never thought in a million years that they would come and take all of our stuff in the house. They probably thought that they were allowed to come [inside], and they saw other people coming in and out, and they thought it was OK…. It’s just a nightmare.”

That’s quite the understatement.

The homeowners are requesting that those who removed items from the house return them as soon as possible “no questions asked.” In addition, the homeowner provides his email address in the original report that you can read right here. In the meantime, the video below details one of the more bizarre foreclosure nightmares we’ve come across.

Top 10 Most Searched Foreclosure Cities In The U.S.

Where are all the foreclosures?

Well, in today’s market, foreclosed homes are located in just about every corner of the United States. Long gone are the days when distressed real estate was hard-to-find, valuable treasure. Make no mistake, foreclosures, short sales and other distressed property types are typically still cheaper than their traditional counterparts; however, thanks to the mortgage meltdown a few years back and the current nationwide economic crisis, they are significantly more abundant.

In fact, there are so many foreclosures in some “hot spots” that banks and lenders don’t have the time or resources to repossess them in a timely fashion. That’s the reason some folks can live in their homes mortgage-free for months or even years, as well as the reason for the “shadow” inventory — abandoned/vacant homes not yet “in the system” — that sits idle for so long.

Indeed, foreclosures are essentially everywhere. And until the lenders and banks catch up, or until the economy levels out, or both, foreclosures will continue to remain everywhere well into the near future.

The good news is that foreclosed homes represent discounted real estate purchase opportunities. Banks and lenders are overwhelmed and are often eager to sell their assets as quickly as possible, even if it means slashing prices by as much as 50 percent or more. Always remember: Banks and lenders are in the money business, not the real estate business.

Cash is king.

So, since we’ve established that foreclosures are everywhere and that they still offer buyers and investors tremendous value — especially when you factor in historically low mortgage interest rates — we thought that we’d take a look at the most popular areas for foreclosure searches throughout the nation.

Just because there are more foreclosures on the market and unemployment is high, doesn’t mean that competition among buyers doesn’t exist. On the contrary, competition is stiff in desirable locations nationwide. In fact, it’s common for forward-thinking investors and others to cherry-pick the best deals, renovate and rent/re-sell them for profit.

It’s the primary reason Government-Sponsored Enterprises (GSEs) like Fannie Mae have had to implement programs such as “First Look,” which locks out investors from purchasing properties for a few days so first-time buyers don’t miss out on all the great opportunities.

In any case, here are the Top 10 most-searched cities for foreclosed homes for sale*:

  1. Los Angeles, Calif.
  2. Orlando. Fla.
  3. Fort Lauderdale. Fla.
  4. Miami, Fla.
  5. Houston, Texas
  6. Atlanta, Ga.
  7. West Palm Beach, Fla.
  8. Dallas, Texas
  9. Chicago, Ill.
  10. Las Vegas, Nevada
foreclosures

Florida, with four cities in the list, is clearly a major point of interest for many buyers and investors. That’s not too surprising, considering the climate and reputation for being a retirement and/or vacation home destination. In addition, the “Sunshine State” took a beating when the housing market crashed — it has consistently remained at or near the top of the collective foreclosure list since it tanked.

Even still, homeowners who paid too much at the height of the market are still struggling to get their heads “above water” on mortgages that simply no longer make sense (or cents).

It’s also no surprise that Los Angeles, where the population density is high and the real estate footprint is perhaps just as dense, sits atop the list. Houston, Atlanta, Chicago and Las Vegas are also in demand, indicating that if buyers and investors are interested in investing in these areas that they better be prepared and on top of their games.

Searching and finding foreclosures is clearly a small piece of a very competitive pie in many areas throughout the United States. It’s the first, albeit perhaps most important, step in a process that could mean the difference between making (or saving) tens of — if not hundreds of — thousands of dollars.

The best thing that you can do to improve your chances of success is to do your homework, know your target market inside-out. This way, you can identify a deal the moment you see it and are able to move fast to ensure that no one else beats you to the punch.

Timing is everything even when foreclosures are everywhere.

*Foreclosure data provided by Foreclosure.com

Bulk REO sales: Fannie Mae to sell foreclosed homes to investors to use as rentals

Federal Housing Finance Agency (FHFA), which oversees mortgage-backing giants such as Fannie Mae and Freddie Mac, today announced a pilot program that targets real estate investors in Atlanta, Ga., Chicago, Ill., Las Vegas, Nevada, Los Angeles, Calif., Phoenix, Ariz., and areas of Florida.

Bloomberg.com reports that about 2,500 of Fannie Mae’s Real Estate-Owned (REO) homes, which are essentially foreclosure properties, will be marketed in these hot spots and offered to investors — who will agree to be “equity partners” — to buy in bulk. It is a program that is designed to “reduce taxpayer losses, stabilize neighborhoods and home values, shift to more private management of properties, and reduce the supply of REO properties in the marketplace,” according to FHFA Acting Director Edward J. DeMarco.

Real estate investors were encouraged to participate in the Bulk REO sales program — one that allows investors and public entities to purchase multiple Fannie Mae properties in one transaction — earlier this month. However, not only must they demonstrate that the have the financial ability to buy the portfolios, but they must also be able to manage the properties post-purchase. Once approved, investors will gain access to various portfolio details, as well as be provided with bidding instructions.

Freddie Mac is currently considering whether or not to follow in Fannie Mae’s forward-thinking footsteps.

For more details on the Fannie Mae bulk-sales pilot program click here.

Bats invade foreclosed home in Georgia, neighbors forced to plug their noses

Holy foreclosure, Batman!

It’s no secret that foreclosed homes are sometimes occupied by abandoned household pets and illegal squatters.

But 20,000 Mexican free-tailed bats? That’s a new one.

It’s a serious problem that one small community in Tifton, Ga., is apparently attempting to correct. In the meantime, the putrid smell of massive amounts of “guano” (bat feces) has neighbors closing their windows and locking themselves indoors.

Here is one account from Becky Campbell, according to the Atlanta Journal Constitution, who lives across the street from the modern-day bat cave:

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