Have You Ridden The REO Express?

Have You Ridden The REO Express? by Bill Roberts

This morning on Good Morning America there was a story about a bus tour of foreclosed houses. I think it was in Pismo Beach, California, but it could have been anywhere. Apparently they charge $20 a head and they take a busload (what's that?  About 50 people) around to look at REOs.

They give them the asking price and either the previous selling price or the previous loan amount. It wasn't clear. Maybe they just give them what they have and it varies. In any event these have got to be motivated buyers since they are paying $20 each or $40 a couple just to look.

After the segment they interviewed Mellody Hobson, President, Ariel Capital Management. She gave some good advice including a disclaimer that the houses would be purchased "As Is."

I would like to know if anybody has any experience with one of these "tours" and would like to share their experience or knowledge.

I liked the idea. I could see myself organizing a tour like that. Your input is really wanted.

Click on the link and watch the segment.

Thank you,

Bill Roberts 619-244-4610

billroberts5843@hotmail.com