SOURCE: John Dixon & Associates

John Dixon & Associates

February 21, 2012 12:25 ET

Auctions of Bank-Owned Properties Draw Big Crowds in Georgia, North Carolina and South Carolina

ATLANTA, GA--(Marketwire - Feb 21, 2012) - Real estate investors and individuals alike snapped up more than 455 bank-owned properties for a total of just over $7 million last week. The properties -- which included office buildings, car washes, land and home sites -- were sold in a series of four auctions by John Dixon Associates.

"We did exactly what we set out to do -- help five banks recover their investment in a lot of properties while making it possible for investors to acquire properties that will provide them with opportunities in an improving economy," said John Dixon, president of the auction company.

The events were held in Anderson, S.C., North Charleston, S.C., Young Harris, Ga., and Atlanta.

"Over the course of the two days, it became clear that bidders are growing more optimistic about the opportunities that lie ahead. In addition to the 400 bidders who attended in person, we had 165 who participated online, and we had healthy, competitive bidding for all four events. This tells me that it's a perfect time for banks to auction the large numbers of properties that were foreclosed during the real estate slump and recession," said Dixon.

The properties were grouped into 135 offerings. Properties sold by two of the banks were part of loss-share agreements with the FDIC, said Dixon. "We were one of the first in the nation to be approved for loss-share auctions, and banks are finding that our auctions are ideal for such properties."

John Dixon Associates will also auction more than 65 Georgia properties for the FDIC March 9-10. The March 9 event, to be held in Gainesville, will include commercial buildings, retail properties, homes, office buildings, home sites and land. The second, on March 10, will feature commercial and residential properties in the metro Atlanta area.

Individuals seeking additional information may call 770-425-1141 or visit

John Dixon & Associates, based in Marietta, Ga., is a leading auctioneer of bank-owned properties throughout the United States. More auction information.

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