RECR's Blog

I haven't seen deals like that in this area... maybe that's why buyers are so tough to pull the trigger here.

Sandy -- Yeah, I was shocked when I heard that price.  That's sooo close to 50%, its worth buying just to sit on for a couple years.

It's all a matter of perception I guess.  With Ohio leading the foreclosure market deals like that are nowhere to be found here.

Tony -- perception and location.  Im in Montana...and quite frankly, there are deals out there.  But they are very few and far between.

Clint -

This is not the first time I've heard about something like this.  There is an agent in hard-hit Stocton, CA doing something very similar.

Interesting concept - but might generate some negative press - "Here come the vultures!" say all the neighbors.  I wonder if they use a big banner - "The Foreclosure Bus - Follow Me!"

But perhaps it is working well!

DEAN & DEAN'S TEAM CHICAGO

We have someone in our local market that is doing this. I have thought about taking a ride on his bus to see how he operates and how well received this sort of things is. I had an agent do this during the sellers market and she did ok but I think she had the wrong timing.

Dean -- Yeah, I google'd foreclosure bus and got the agent in Stockton.  According to the agents on the story, its working great.

Heather -- Yeah, probably better to experience it for yourself rather than just jump in with both feet and get fried.  I have not been on one yet...but, Ive seen several people proposing this same concept.

This concept has been used in Baltimore City for about 5 years now. The City identified 5000 abandoned houses & lots and decided it was time for "Revitalization" in those areas. It makes for an interesting day , and use miss all the usual tourist traps LOL.

A business partner of mine has been bugging me to at least get 15 passenger van and try it on a smaller scale in Montgomery County , Md and surrounding areas

Laura

Laura -- that seems to be the way people want to go with this....large cargo style vans rather than a full-size bus.  Either way, it seems to be working...and the more peeps you can work with, the better, right?  :-)

I'm doing a good many foreclosures but I have not seen a 50% decline in valuations here in coastal Georgia.  20 to 25% yes.... but those decreases can be readily eaten up if there are corrections, modifications that need to be done to make the property sellable.  REO and Bank Companies are hesitant to put one penny into the properties to bring them up to market.... occationally they do... but it is like waiting on the birth of a stubborn baby. So the buyers keep kicking tires and the foreclosing party keeps pacing.... it's a fun time....

We have had it in our area also and with some media attention.

MIchael -- Exactly...been there also...including the stubborn baby.  :-)

Terry -- I think there will be far more markets using foreclosure tours as a result of these types of articles.  Good luck to you.

I saw that CNN story a few weeks back and do think that it is a good concept.

Derrick -- Im curious as to the success of these agents using this idea...It seems to me like a great way to drive buyers into your pipeline. 

Seems to be an idea that is catching on!  I saw a report here about a FL Realtor who also added a mortgage guy and an inspector on the trip, to answer questions.  They used a "short bus" not a full size, but it struck me as an interesting idea.

These aren't that story, but they are other people in FLA who are trying a similar concept.

http://southflorida.bizjournals.com/southflorida/othercities/jacksonville/stories/2008/03/03/story8.html?b=1204520400%5E1597643

http://www.palmbeachpost.com/business/content/business/epaper/2008/02/18/m1bz_samplescol_0218.html

 

Joseph -- Yeah, this idea is getting more and more popular.  Ive seen several variations of it, but the inspector and the mortgage guy is an added bonus I have not heard about yet.  Interesting....