Popular Foreclosure Tours

February 21st, 2008 | Tags: Foreclosure

What is poison for one can become meat for the other. Hundreds in Las Vegas have been affected by foreclosures and lost their houses. Hundreds are going around in specially arranged buses to see these houses to snap up a smart deal. RE/MAX conducting one such showcase bus made its maiden trip recently. The passengers toured across the valley peeping at houses owned by banks ready to be sold. 40% of the properties listed for sale in the real estate market were bank owned properties that had been foreclosed upon. Banks are anxious to get rid of these non-paying units at unbelievably low prices. The bus took the passengers to seven houses where the real estate agents were ready to answer question and negotiate a deal. Organizers were met by a diverse group of buyers – novices, investors, those wanting to buy for purpose of renting out, others on the look out for multiple units etc. The common thread is that they all want to move up taking advantage of a windfall. RE/MAX programmed the operation that turned out to be beneficial to both parties – sellers and buyers. Neither had to go through the laborious process of sifting clients. The bidding war started off there and then. For instance the Mulhollands were vacating here from Michigan. They pronto decided to accept the tour with exciting retirement plans. The tour advertisement stoked their interest in real estate – something they would not have done back home. Everything was organized. At hand was a representative from the bank to promptly attend to queries. The bus tours have become regular expeditions on Tuesdays and Saturdays starting at 11.30 am from RE/MAX off ices at 8400 W.Sahara. Prudential Financial likewise has started another foreclosure express bus to run on Saturday and Sunday mornings from 11 am. There is hope that the real estate might find its level if sales pick up. Once that happens then the next-in-line foreclosure borrowers at risk can hope to refinance their properties which at this stage seems impossible. The property market currently is so low that more often than not the value of the mortgaged house is less than that of loan amount. Foreclosure process is very cumbersome eating up time, energy and dollars. As such the banks have reasoned that by selling at low price they lose less than by sitting on the property waiting indefinitely.