In Centreville, Virginia, home buyers and investors who are in the market for one of these foreclosure homes are getting on foreclosure tour buses in order to check out the many bank foreclosure for sale.
Foreclosure brokers are attracting the interest of many buyers through these foreclosure tours, which are conducted every weekend for three hours. It certainly allows buyers to see what the local housing market has to offer and helps them make informed decisions especially since these repossessed properties are sold “as is”.
Most of the foreclosure tours offer free drinks and snacks, which makes it even more attractive for these buyers. On the average, these tours visit 12 foreclosed houses. Although it may seem that 3 hours is such a short time, buyers are only allowed to see the exterior of the property. If their interests are peaked, then they could set an appointment with the foreclosure broker and inspect the property more thoroughly.
According to the foreclosure tour bus operators, the number of interested buyers who are going on their tours has increased dramatically over the past months. Perhaps, this is because home prices in these areas have plunged by as much as 40 percent compared to last year.
The dramatic home price decline is actually the reason why interest for these repossessed properties has increased. Indeed, buyers have become smarter, taking into consideration the greater return potential that these abandoned homes offer.
Lenders, who own these foreclosure homes, have been having trouble selling off these properties because of the large inventory and tough competition in the market. In a last ditch effort, they are working with several foreclosure brokers and having these properties listed in foreclosure listings in order to attract more potential buyers.
If you have time to kill, getting on these foreclosure tour buses might be worth it!
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- Foreclosure Brokers: How to Qualify Buyers
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- Repossessed Homes – Why Should You Buy Them?
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