Who's riding the foreclosure bus?

By
Real Estate Agent with NationalREORelief.com

It seems in recent months that there are some interesting innovations in marketing coming to our industry. The advancement of the web has put potential homebuyers right on the sofa of their new living room through the use of virtual tours. The use of call capture has homesellers knowing who is interested in their property. Partnering with the travel industry has developers bringing in buyers worldwide. Even the market we are in has brought about a need for adaptation. Now, we have the foreclosure bus!

Entrepreneurial agents are contacting investors, rounding them up and putiing them on a chartered luxury bus. They are catering a nice lunch, hyping their resumes and leading them on a get rich guided tour.

Sounds smart right? Wind the clock back 2+ years. If the houses that these agents are showing are vacant speculative houses, then guess what? These same agents are the ones who probably sold to the so called investors in the first place! They combined with a like minded mortgage person and told these speculators "buy now at this inflated price with 0 dollars and I will flip it for you at completion for an even greater inflated price!". When things went south, they were nowhere to be found...until now.

So what if this is an owner occupied property? The person who is already suffering humiliation from foreclosure, potential bankruptcy, possible employment contraction, social ridicule and enormous stress is now going to have a brightly painted bus pull up in front of his house. That bus is then going to unloada group of strangers walk through his living room walking on his carpet and dignity at the same time.

I realize that post will be polarizing, those who do this type of business will grill me like a burnt sirloin. But let's face it, if my comments draw that kind of wrath could it be that I touched a raw nerve? Could those that are doing these tours actually look in a mirror and like who they see? Come on, let's walk a mile in the shoes of those who are hurting before we push them barefoot in the streets.

Thanks for reading, God Bless

Neil Blair-Bennett bloglink

Comments (9)

Bill Austin
East Valley Living - Scottsdale, AZ

... and, if the market does not turn upward, as most are predicting, ... those bus riders will be inside the house in a year or two when the next bus pulls up.

 

Jul 10, 2008 04:13 AM
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

You make some good points, however, if the house has been foreclosed on and the owner is still occupying the home, he's trespassing.  And no banks of which I am aware are going to list an occupied foreclosure, so I don't think your scenario of busloads of buyers pulling up to an occupied home is too likely, unless the occupants are squatters.  ;-)

Jul 10, 2008 04:18 AM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

i think its a creative way of getting buyers and I would only show vacant houses if I were doing this.

Jul 10, 2008 04:21 AM
Neil G. Blair-Bennett
NationalREORelief.com - Fort Myers, FL

Bill, and they would be reaping what they sow.

Susan & Chuck, there are some rather shady characters who are showing short sales as "future foreclosures" thus home still owner occupied.

Jul 10, 2008 04:25 AM
Adam Brett
The Adam and Eric Group - Fullerton, CA
The Adam and Eric Group, Fullerton's Finest

They are doing things to get business.  For someone to make money - someone has to lose money.

Jul 10, 2008 04:36 AM
Neil G. Blair-Bennett
NationalREORelief.com - Fort Myers, FL

Adam, I'm a capitalist too and don't disagree that foreclosures are a way of investing, I'm saying let's do it honestly and ethically and don't de-humanize people in the process.

Jul 10, 2008 04:41 AM
Susan Haughton
Long and Foster REALTORS (703) 470-4545 - Alexandria, VA
Susan & Mindy Team...Honesty. Integrity. Results.

Okay, well if agents are showing up with a busload full of people to a house with occupants, it is unseemly, IMHO.  I wouldn't want to look at property that way, to be honest.  Vacant, fine.  Occupied, no thanks.

Jul 10, 2008 05:21 AM
Alexander Harb
Knights Investing - Mesquite, TX
Dallas, Texas Real Estate Investing

It sounds like greed to me............... and it stinks to high heaven too!!

 

Jul 10, 2008 06:36 AM
Jeffrey Tumbarello
South West Florida Real Estate Investment Association - Fort Myers, FL

Great Blog, Great Points

Jul 13, 2008 04:14 AM

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