July 14, 2008

Foreclosure Bus Tours

This is brilliant. I was checking the Loudoun Times-Mirror for neighborhood news when I came across this little tidbit about a local realty company offering foreclosure bus tours. As in, a bunch of homebuyers and investors get on a big ol’ bus and are chauffeured around Loudoun and right up to the doorsteps of select foreclosure properties for sale. Here’s a snippet from the website: 

“It’s a little like real estate speed dating, you get to see a lot of properties in a short period of time. And now is a great time to invest in your future, first time home buyers, investors or just people with a vision are great matches for these homes. The tour is a rolling foreclosure seminar, we will educate you how these properties are purchased, evaluated and financed. On board will be lenders, attorneys, and home inspectors available to answer your questions. At the end of the tour, guests will be given the opportunity to schedule a private showing of any of the homes from the tour they have an interest in or to visit other homes that might better suit their needs.” 

The tour takes about 3 hours, and the realtors running the tour advise attendees to dress lightly since many (if not most) of the homes will not have working AC. Riders are under no obligation to sign with the agents hosting the tour at any point, but anyone currently working with a buyer’s agent is not allowed to ride along. If I can get over the idea of a hot, sweaty, 3-hour bus ride, I might just go on the next one (scheduled for Sunday, June 20th). It’s got to be a great way to get a feel for the foreclosure landscape without making a major time commitment or having to sign with an agent. If I go, I’ll definitely report back.