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Have You Ridden The REO Express? by Bill Roberts

This morning on Good Morning America there was a story about a bus tour of foreclosed houses. I think it was in Pismo Beach, California, but it could have been anywhere. Apparently they charge $20 a head and they take a busload (what's that?  About 50 people) around to look at REOs.

They give them the asking price and either the previous selling price or the previous loan amount. It wasn't clear. Maybe they just give them what they have and it varies. In any event these have got to be motivated buyers since they are paying $20 each or $40 a couple just to look.

After the segment they interviewed Mellody Hobson, President, Ariel Capital Management. She gave some good advice including a disclaimer that the houses would be purchased "As Is."

I would like to know if anybody has any experience with one of these "tours" and would like to share their experience or knowledge.

I liked the idea. I could see myself organizing a tour like that. Your input is really wanted.

Click on the link and watch the segment.

Thank you,

Bill Roberts 619-244-4610

billroberts5843@hotmail.com

 

 

 

 

 

30 Comments on Have You Ridden The REO Express?

I've never taken a ride on the REO express. I did go to a real estate auction once where hundreds of properties were auctioned off and it was a pure adrenaline rush!

01/25/2008 01:57 PM by Concetta Pepenella Broker Associate (Appleseed Realty GMAC realestate)


Bill- this sounds like a great marketing tour. I need to establish a bus stop.

01/25/2008 02:01 PM by Mark Horan P.A. "The Resident Chef" at Keller Williams (The Resident Team at Keller Williams At-The-Lakes)


Mmmm.  That's about $1,000 a trip.  Two trips a day, $2,000 a day times. . . .

Not a bad deal for someone with a bus or fleet.  They don't have to sell a thing. 

 

01/25/2008 02:05 PM by Lenn Harley, Homefinders.com, MD & VA Real Estate


Concetta, Thanks for commenting

Mark, I agree.

Lenn, Don't tell me you're think about running bus tours?

Bill Roberts

01/25/2008 02:08 PM by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)


Bill, This does sound like a good idea. It would probably take more than a day to tour the REOs in my area but it does sound like an intersting way to sell real estate. Want to go in on a bus?

01/25/2008 02:50 PM by Bryant Tutas-Tutas Towne Realty, Inc


BB, That sounds like a very good idea. I'll drive and you can talk. We'll clean up.

Bill Roberts

01/25/2008 03:01 PM by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)


Bill: My girlfriends and I were just talking about this over lunch.  They are both from California, the L.A. area.  

I can see your organizing a REO bus tour, Bill... good way to make some money right now.

01/25/2008 05:49 PM by Jan Wood, Realtor (R) - Nashville TN Real Estate (RE/MAX ELITE)


Bill, I have heard about these in Florida.  Apparently it's catching on.  Pismo Beach huh? - now that's a pretty place. Hey Honey - Let's go on vacation and catch the REO Express!!!

01/25/2008 07:09 PM by Kate Bourland; Redding Mortgage, Debt Elimination (Windsor Capital, Dyer Beech & U First Financial)


Kate, the link is there so you watch it yourself. The houses looked good. I could imagine people all over the country drooling.

Bill Roberts

01/25/2008 07:18 PM by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)


Bill, thanks.  I realized that.  I was being facetious.   I got married on the 17 Mile Drive, Robert Lewis Stevenson Chapel.  This area is one of the most majestic in the world!!  It's a shame isn't it?

01/25/2008 09:03 PM by Kate Bourland; Redding Mortgage, Debt Elimination (Windsor Capital, Dyer Beech & U First Financial)


I believe there is an agent in the Stockton area that is hit hard by foreclosures and he takes people on the REO Bus.  It is actually wrapped with the marketing message and this was in the newspaper last week.

01/25/2008 09:43 PM by Melanie Ross, GRI Benicia Ca & Vallejo Ca Real Estate (Coldwell Banker Solano Pacific)


Kate, I've got to believe that the houses in that area are worth what they sold for at the peak and they'll be back very quickly. Yes, it's a shame the buyers could not hold on. We don't know how many of them were actual homeowners and how many were flippers.

As more time goes by I really hate the speculators. They screwed everything up for all of us.

Bill Roberts

01/26/2008 08:53 AM by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)


Interesting way to market yourself and REO's but certainly not cheap

01/26/2008 10:51 AM by Richard Lecinski (Long Realty Company)


Carlos, It is considered bad form on AR to post your link. You weren't signed in so I can't see who you are. Do you want to try it again? I will give you 30 minutes to edit your comment.

Bill Roberts

01/26/2008 12:45 PM by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)


There is only so much land in Pismo Beach so of course the property values will rise again, probably quickly.  It seems that the whole speculator crowd is dominated by get rich quick.  What's wrong with a little hard work and common sense?

This is almost like a live version of "Reality TV", people enjoying other peoples misery.  I can't for a second believe that too many who ride the REO Express are real buyers!

01/26/2008 02:52 PM by Kate Bourland; Redding Mortgage, Debt Elimination (Windsor Capital, Dyer Beech & U First Financial)


Kate, I don't honestly know, but at $20 a head it is a little much for curiosity seekers.

Time cures everything. Real investors know this and they are in for the long haul. 

Bill Roberts

01/26/2008 07:00 PM by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)


Bill, I like this idea.  Sure beats driving buyers around town for free!

01/27/2008 07:01 PM by Frank Jewett (tech4REpros)


The first ride was bumpy but now I'm getting comfy.

01/27/2008 07:08 PM by Chuck Willman, Arizona RealtorĀ®, ABR, TRC (Gentry Realty)


Frank, I never liked driving people around for free.

Bill Roberts

01/28/2008 07:47 AM by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)


Please let us all know what you end up doing. The idea is different for sure.

01/29/2008 09:31 AM by Richard Lecinski (Long Realty Company)


Richard, If I do this it will definitely spawn a couple of posts. Thanks for asking.

Bill Roberts

01/29/2008 10:40 AM by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)


Bill - I am working on details of this right now.  Some of the flippers in town have done them and couched it as part of a teaching session.  They charged over $50 a head.  I was thinking of doing it and charging either a refundable deposit if they got on the bus OR a refund of the fee when they bought through us (within 45 days).  Our goal will be to sell the properties and not make the day rate.

02/03/2008 02:58 PM by Rich Kruse (Gryphon USA, Ltd.)


Rich, OK. I could see that, but why not both? Or how about double their money back if they buy through you?

Bill Roberts

02/04/2008 07:38 PM by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)


Bill - Not sure about the law on inducements.   Also, here the word FREE is good enough.

02/05/2008 04:42 AM by Rich Kruse (Gryphon USA, Ltd.)


Rich, In California commission refunds are pretty standard fare for real estate agents trying to get your business.

Bill Roberts

02/06/2008 05:14 PM by Bill Roberts - "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)


We have launched a very successful REO express....It has been awesome! Our clients love the service. My advice for everyone else is "Keep it free" 

06/14/2008 02:39 PM by Jadell Davila


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Real Estate - Other: Bill Roberts -  "Baby Boomer" Retirement Planning (Brooks and Dunphy Real Estate)
Bill Roberts - "Baby Boomer" Retirement Planning
Oceanside, CA
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