Suggested Intro: Are you looking for a bus load of real estate bargains? Then maybe you should go on a tour where other people’s losses are your gains. Bankrate.com gives you a front-row seat to a new trend: the foreclosure tour.
Voice over 1: It wasn’t long ago that happy Realtors were driving bus loads of speculators to houses and condos that weren’t even built yet, where they’d shell out a down payment, then hope to flip the property within weeks for a quick profit. But now the wheel has turned completely: welcome to the foreclosure tour.
SOT: “There’s so much excitement now about foreclosures that we have actually put out some advertising and we actually have people that are coming on a bus to look at foreclosure properties.”
Voice over 2: These people are essentially attempting to capitalize on other’s misfortunes…but they’re not losing sleep over it.
SOT: “I feel sorry for the people who lost the house, but their loss is my gain.”
Voice over 3: Some buyers have already bought one and are looking for more.
SOT: “It started at about $300,000. I offered about 249 and we started to negotiate and we finally locked in at about 255.”
Voice over 4: But before you start scouring your neighborhood, remember: just because it’s a foreclosure doesn’t make it a bargain. A foreclosure is just a house being sold by a bank instead of a family… and it’s often in rougher condition.
SOT: “If the buyer is prepared to fix it up themselves, then they can come in and that would give them the opportunity to buy the house for lower.”
Standup: You’ll find foreclosure tours in places like Las Vegas, Phoenix and Miami: the same cities where a few years ago speculation was through the roof…and now prices are in the basement. For bankrate.com, I’m Kristin Arnold.