Fulton Sells Another Tax-Foreclosed Home at a Small Profit

A third city-owned house has been sold, for more than it was worth.

The city seized 862 West First St. in April, 2009 for unpaid property taxes. It’s a one-family home, 1,300 square feet, with three bedrooms and one and a half bathrooms.

The home is assessed at $62,000. It was listed for sale at $74,900. It sold for $79,000.

Mayor Ron Woodward calls it another success for the program that he initiated, of taking some homes that were seized for back taxes, spending money to fix them up, and selling them at a profit if possible. Profits are plowed back into the program to fix up more homes.

Woodward said he saw the success of programs run by agencies such as the Fulton Community Development Agency, in which foreclosed homes are repaired and sold to low-income buyers. He believed there should be a similar program that did not require a low-income buyer.

Some of the repair work is done by city employees during their workdays, while other work is done by contractors hired by the city.

Homes that had been modified to become apartments will be turned back into single family homes.

The West First St. home is the third one sold under the program. Woodward said each sale turned a profit. He said three more homes are being fixed up.

Real estate broker Linda Thomas-Caster of Partners in Integrity Realty praised the program. “It shows that our city is making quality of life better.” Her company sold the home on behalf of the city. “We’re getting fair market value and not just giving the homes away,” she said.