Foreclosure Bus Tours

The idea of bus tours to show foreclosure properties has caught on in Orlando. The white bus negotiates the quiet localities coming to a halt near an empty sad foreclosed house. About 20 passengers disembark – all potential buyers as they thoroughly prise apart the property knocking on walls and opening drawers. The Foreclosure bus tour is a six hour operation to educate the hopeful about making quick bargains from the misfortunes blighting the country. Only if houses get sold will the real estate get back on its rails and start rolling again. For the past two years the market has been in the doldrums.

The real estate group have started running bus tours in California taking the idea from similar expeditions in Phoenix, Detroit, Kansas and Jacksonville. The bus passengers are usually a motley lot – people from a working class background, speculators and even somebody from Britain trying to gain from the weak dollar. Geoff Lamont is a tanker truck driver from London who is on vacation. Dreaming about settling with his family in Florida he is testing the waters and peeping into abandoned American houses. His comment was that the houses were comparatively cheaper than those in UK.

Florida came just behind Nevada and California in the number of foreclosed houses. 32,447 house were in foreclosure across the state in February – a rise of 69% from what it was the previous year. In February 2008 the numbers had risen by 7% from what it was in January of the same year.

Bus tour operator Janice Ziesig says that by this way she can show the houses to many persons at a time. The ticket price is $45 for individuals and $65 for couples. It is inclusive of lectures, continental breakfast and lunch. All abroad agreed that the price was worth its value. A broker also accompanied the March 15th tour together with a house inspector who pointed out the maintenance issues like water seepage, electrical wiring and the like. There was also an attorney who replied to queries like title, insurance and short sale. The real estate personnel supplied information about area, time of construction and other relevant important issues. This resulted in a running fruitful dialogue between the buyers and the professionals.

The tour ended after viewing seven houses – each different from the other as regards advantages and disadvantages. Although no concrete proposals came through Ziesig was happy that buying foreclosed houses have taken on a different colour and is more enjoyable. The important thing is that word has gone around.