For thousands of people shut out of the home and condominium buying market as prices doubled between 2001 – 2005 Bank Foreclosures are real estate’s new Gold Rush!
Across United States, and in cities such as Phoenix, Detroit, and Kansas City, home shoppers and property speculators can now view foreclosed houses via the comfort of a guided bus tour. Homes are added to the tour after lenders take them over from owners who failed to make their mortgage payments. The tour stops just at empty homes to avoid embarrassing owners.
In Gulf Shores and Orange Beach, Alabama., tours operated by GMAC Real Estate, Premiere Properties, The tours run$25 per person or $45 for a couple. The fee covers a six-hour tour, information on the houses / condominiums and tips on assessing property and how to buy foreclosures, as well as a lunch long the tour route. Last month, Alabama ranked 41st in the nation in the percentage of homes in foreclosure. According to RealtyTrac Inc. U.S. Foreclosure Market Report with 581 properties in foreclosure filings in January 2008. Alabama homes in foreclosure for February 08 were up more than 11.57 percent from last year. Source: Realty Trac , Inc.
Foreclosure Tours, a six-hour expedition to show Gulf Coast-area homes/ condominiums and educate potential buyers on the vagaries of snatching foreclosures in a state where the housing market has struggled over the past two years. Real estate agents have also organized tours in other areas of Baldwin and Mobile County, with tour dates to be announced soon.
Once the vehicle stops, about 20 potential buyers file out and become detectives, opening and closing cabinets and drawers, knocking on walls and asking about the price, the previous owners and what repairs may be needed. A home inspector is providing on each tour, as well as mortgage personal, real estate broker and foreclosure attorney.
The Gulf Coast prospects included working-class people looking for a family home, speculators seeking a bargain investment, retiring baby-boomers looking for that prefect retirement property and even Foreign Investors trying to take advantage of the weak dollar. |
