In the past, investors and bargain hunters looking to buy foreclosures had to comb county records or pay a service to send them lists of foreclosed properties. Since the market went wonky, entrepreneurs are scrambling to develop services to market to a growing group of foreclosure hunters. The newest and possibly the most audacious service for foreclosure hunters is the Repo Home Tour Bus.
According to the Oakland Tribune, these types of tours started in Stockton. They've become so popular in Stockton that three buses run twice every Saturday. After the Repo Bus' success made national news, similar tours popped up in cities around the country, including some in Contra Costa County.
When I first read this article I thought, wow that guy has a lot of nerve. But I also think this is a great service. I get calls all the time by people looking for foreclosures. They're out there on the market, why not help people find them while helping banks decrease their inventory? The faster these bank-owned properties are sold, the better - capital that gets injected into banks giving them the ability to provide more attractive and flexible loan products. This means that banks will be able to provide distressed homeowners with more refinancing and loan work out options and they'll have more funds to help home buyers finance their home purchases.
I also have a personal reason for wanting some of these bank owned properties off the market, THEY'RE SCARY! Sometimes I'll preview homes before taking a client on a tour and there's always the possibility that there's a squatter or something else inside. Some are just a bit eerie but others look like a horror movie set.
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