I just stumbled upon this story. If you deal with foreclosures at all -- or are thinking about it -- this is an interesting news story link. It's "newsy" but of interest, as Good Morning America's Financial Contributor, Mellody Hobson discusses the current real estate market. Mellody is the President of Ariel Capital Management in Chicago.
In contrast to a few of the comments on foreclosure properties sold "as is," in my foreclosure business, the properties I sell are first repaired and brought "up-to-speed" for the potential buyers. And they are great buys!
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I'd never heard of this. Very interesting
Terry, this looks like another example of good old Yankee ingenuity in marketing!
I saw this on the evening news the other day. It's a good example of smart business people at work.
Hi Clint -- I've been selling REOs for some time now, and I hadn't heard of this either, but why not, there have always been bus tours to sell homes? Thanks for stopping by.
Hi Brian -- it's been a while. You bet, and I can see it being successful (but I think a few tweaks in the delivery of foreclosed homes needs to be added). Thanks for stopping by.
Hi Wayne -- there is some smart business to this, but the real challenge will be in the back end of the deals:paperwork, pre-quals, financing, (and bank negotiations on foreclosures are not at all like our traditional real estate offer and acceptance model). Thanks for stopping by.
It probably is successful but it was sort of funny and sad at the same time.
This is news to me but seems like a good idea. I don't like the thought that the market might not bottom out until early 2009, whether it's true or not I don't want to hear it.
Hi Debbie -- it is a curious condition of the human spirit: we're always looking for a deal on something, yet deals on foreclosures may be products of another's misfortune. I certainly have REOs that were the result of plain foolishness, and some that are truly sad stories.
Hi Jennifer -- well I know you watched the video clip, because the early 2009 forecast was thrown out there. That's a long time away. That being the case, the bus tours will increase!
Thanks, Whomever, but now do we actually need a repo train?
I saw that...great approach in my opinion! I think I saw it on the news.