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Foreclosure Bus Tours? Has Anyone Seen This?

By Terry Rasner-Yacenda

Real Estate Agent with Broker,Owner - Dreams Realty

January 25, 2008 09:20 AM

I just stumbled upon this story. If you deal with foreclosures at all -- or are thinking about it -- this is an interesting news story link. It's "newsy" but of interest, as Good Morning America's Financial Contributor, Mellody Hobson discusses the current real estate market. Mellody is the President of Ariel Capital Management in Chicago.

In contrast to a few of the comments on foreclosure properties sold "as is," in my foreclosure business, the properties I sell are first repaired and brought "up-to-speed" for the potential buyers. And they are great buys!

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Clint Haynes

Peoples Home Equity, Inc. - Mount Juliet, TN

I'd never heard of this. Very interesting

Jan 25, 2008 09:26 AM

Brian Schulman

Coldwell Banker Residential Brokerage, Lancaster PA - Lancaster, PA

Lancaster County PA RealEstate Expert 717-951-5552

Terry, this looks like another example of good old Yankee ingenuity in marketing!

Jan 25, 2008 09:27 AM

Wayne B. Pruner

Oregon First - Tigard, OR

Tigard Oregon Homes for Sale, Realtor, GRI

I saw this on the evening news the other day. It's a good example of smart business people at work.

Jan 25, 2008 09:42 AM

Terry Rasner-Yacenda

Broker,Owner - Dreams Realty - Reno, NV

"Dreams Realty"

Hi Clint -- I've been selling REOs for some time now, and I hadn't heard of this either, but why not, there have always been bus tours to sell homes? Thanks for stopping by.

Jan 25, 2008 09:46 AM

Hi Brian -- it's been a while. You bet, and I can see it being successful (but I think a few tweaks in the delivery of foreclosed homes needs to be added). Thanks for stopping by.

Jan 25, 2008 09:48 AM

Hi Wayne -- there is some smart business to this, but the real challenge will be in the back end of the deals:paperwork, pre-quals, financing, (and bank negotiations on foreclosures are not at all like our traditional real estate offer and acceptance model). Thanks for stopping by.

Jan 25, 2008 09:52 AM

Debbie Holmes

John L. Scott - Boise, ID

Gets the job done!

It probably is successful but it was sort of funny and sad at the same time.

Jan 25, 2008 09:53 AM

Jennifer Esposito

JenRan Realty, LLC - Woodstock, CT

This is news to me but seems like a good idea. I don't like the thought that the market might not bottom out until early 2009, whether it's true or not I don't want to hear it.

Jan 25, 2008 10:11 AM

Hi Debbie -- it is a curious condition of the human spirit: we're always looking for a deal on something, yet deals on foreclosures may be products of another's misfortune. I certainly have REOs that were the result of plain foolishness, and some that are truly sad stories.

Jan 25, 2008 10:23 AM

Hi Jennifer -- well I know you watched the video clip, because the early 2009 forecast was thrown out there. That's a long time away. That being the case, the bus tours will increase!

Jan 25, 2008 10:26 AM

Anonymous

W. Flamingo Center

here is where the bus is...

it is called the Vegas Repos Bus

http://www.vegasrepobus.com/

Feb 11, 2008 10:40 AM

#11

Thanks, Whomever, but now do we actually need a repo train?

Feb 11, 2008 12:06 PM

Cody Sperber

Clever Investor, LLC - Chandler, AZ

Real Estate Investing Education

I saw that...great approach in my opinion! I think I saw it on the news.

Feb 12, 2008 07:24 AM

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Terry Rasner-Yacenda

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