Guided Tours Of Foreclosure Houses

April 3rd, 2008 | Tags: Foreclosure House

The real estate agents concentrate on bank repossessed properties in Manatee and Sarasota Counties. Sarasota Street is full of for-sale signposts. Most of these houses have new owners – the banks. Sarasota-Bradenton regions is getting ready for more incoming foreclosure waves as the year rolls on. Amongst those who have lost houses are not only residents but also speculators. In a topsy-turvy scenario speculators again will be the ones to buy these houses from banks. The majority of properties going on sale are bank-owned. The foreclosure has been bad for both borrowers and for the banks who shy away from the idea of being landlords. They are ill suited to be weighed down with the ever increasing string of properties that do not fetch money. In this game of musical chairs a new set of buyers might well come out with bargains buying up cheap as banks are offering heavy discounts.

Steering through the maze of foreclosed properties has its own challenges. Many agents like Marlowe have formed their own new real estate team dealing with foreclosed units. The Florida Foreclosure Team needs special mention as they will be starting guided tours to focus on bank repossessed foreclosed houses. The first one will kick off on 3rd May to visit 10 properties in the Sarasota and Manatee counties. Such is service is exactly what customers are asking for – a single point from where all the relevant foreclosure information will be available for prospective buyers. The clients, about twenty in number, will be taken around in air conditioned buses to see the various types of estates ranging from million dollar waterfront extravaganzas to other modest units. There are middle priced houses also ranging from $300,000. The tour itinerary will depend on who wants to see what. If necessary then the tour will be parceled into groups wanting to visit luxury condos and others opting for the medium range etc.

There have always been bank owned properties in the real estate market but what is special about the current market is that there is a wide range of choice. In the previous years most of the units were shoddy abandoned houses. But today because of defaulting investors and speculators there are some dream houses within the reach of many.

That does not mean that there are no ifs and buts. One must bear in mind that banks are not prepared to talk about repairs. All the houses are on as-is basis.