As more and more homes are reportedly being foreclosed on, there has been an increasing need for banks to deplete their inventories. It appears that several real estate agents have stepped up to the plate and have begun introducing tours of foreclosed homes in their areas. Real estate agents from the east coast to the west coast have adopted some form or another of bus tours that features homes that have foreclosed.
In Massachusetts, DCU Realty charges bus riders for the privilege of viewing homes at bargain prices. The fees range between $20 for members of its affiliated Digital Federal Credit Union, and $25 dollars for nonmembers. Homes are reported as ranging between modest foreclosed homes and more upscale foreclosed homes.
In the Bay Area surrounding the Contra Costa county area of California, foreclosures have been the highest throughout the entire state. This area is also seeing one of the most frequently run tours of foreclosed homes. Foreclosure Finder Tours will bring potential buyers on a tour of foreclosures in Antioch, Byron, Pittsburg, and Brentwood. There is no charge for this service and there are reportedly four tours scheduled every weekend.
While many of these homes are in need of minor repairs, most commonly due to damaged walls and missing fixtures, they are in overall good condition. Most homes will likely end up costing the buyers a considerable amount of money to have the home returned to its original condition, so this is something that buyers should keep in mind when considering buying a foreclosure.
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I suppose there’s a mass market of foreclosed homes out there, so why not tour them?
I’ve gone to some buss tours and I can say it’s a realy nice experience to see all those homes, lots of people have found their home with this. I have even wrote in my blog about some.
It’s very curious taking a bus to see properties. But is a very different way to find business opportunities
Thank you for such an informative post. All I have been able to find online about this is junk compared to your posting.
The fact that such tours exist reiterates the awful state of our economy.
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Is there like a realtor on the bus, so that people can make offers on the spot?
It’s a good idea, but is there an opportunity to explore and tour these homes without having to pay the $20? It seems like a lot of money to make out of merely showing some people around a home. I guess it works out well for the real estate companies though.
Why not?
It’s a profits and interest, of the market foreclosed homes?
Pretty interesting idea and a great way to easily see a bunch of homes at once if you are in the market.
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