Home Front

A blog about the economy and the Sacramento-area real estate market.

March 17, 2008
Filling the streets with foreclosure bus tours

Is there no end to these foreclosure tours? Ever since I started noting their arrival on the real estate scene about a month ago I get one or two invitations a week to go for a Saturday ride. I just got another a few minutes ago. I know now of eight ongoing bus tours and a limo foreclosure tour running in Placer County. Heaven only knows how many more are ramping up.
There are still some real estate agents who think it is all in bad taste. But I also get a call a day from someone looking for phone numbers for these tours.

They certainly have plenty of houses to visit. Word is there is a deluge of bank-owned properties coming onto the market soon. That might be because banks repossessed another 3,495 houses in Amador, El Dorado, Nevada, Placer, Sacramento, Yolo and Yuba counties in January and February. That is the tally from Foreclosures.com., the Fair Oaks Web sit for real estate investors.
Seriously, if this was a car lot all those houses would be the new model year - with loads of 2007 inventory still sitting on the lot.
So I am working on a consumer story to explain what you should know if you want to buy one. Rule number one, many say, is get yourself prequalified for financing. Second, is don't expect banks to roll over for lowball offers just because it is a foreclosure. Also, remember these two words: As is.

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