OfflineA number of RE agents in our area have gotten together to offer bus tours of listed REOs. As far as I know, today was the first tour. If I remember correctly, they were stopping at 8 REOs today, with a busload of interested investors/buyers. Anyone else hearing of this?
Rina
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You are kidding? Bus tours of REO's? That is bad. It just shows how many bad loans were made to unqualified buyers I guess. That is just amazing to have so many houses you have to give bus tours.
"THE ARCHITECT OF YOUR DESTINY IS YOURSELF"
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I guess it's something they are going to have on a regular basis, there are so many REOs on the market here. I've already looked at the ones I'm interested in, but I might go on the tour next time, just for the experience of it and maybe to meet some other investors.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
Yes. This is how the realtors are making $$.. Apparently, it works. I think one realtor said he was grossing 30K a month doing it. OFC, he his expenses have gone up too.
In my markets, basically NOTHING is moving except REOs.
But sounds like a great idea. It puts the RE agents in control and uses the tours as their advertisment, and with several investors all looking at the props together it makes for a compitition....WIN for the REA!
good thinking on the part of those REA's
...marketing genius in the making....
Don't Wish the Past, Create the Future! - DH
Exactly. Economies of scale.
Banks and only banks are dealing. So the realtor wants to get as many buyers together with banks as possible.
Rather than driving one person/couple around to 1 REO at a time, they are driving MANY customers around to MANY REOs. Most REOs will be wrong for most of the peeps. But the more peeps that are on the bus, the better the chance of a fit.
REAs are also doing the bus tours in my area. They are doing them once a month. The first one was this past Sunday.
Those who say it cannot be done should not interrupt those who are doing it.
I think it would be a great way to meet other investors, realtors, etc. I think I would still make sure I looked at those same REOs BEFORE they were on a tour, and offer early on anything I might want. But it would be a fun way to spend a day WITHOUT having to use my gas. Maybe there'd be OTHER properties I'd see as we were driving around.
The first one they had scheduled up here (last month) was cancelled for lack of interest. I'm sure it will grow in popularity.
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
the NYC REIA I am part of has done bus tours to see rehab properties in the Philadelphia area. I have never heard of REAs sponsoring bus tours of REOs.
Genius.
Nick Walters
Walters Property Investment Group, LLC
What is the best way to approach REO's - there are alot in my area and I want to get in!!!!!
Chris
Call the bank. Ask for the loss mitigation manager. Or if there is a sign on the property then call the number on the sign. Or get a realtor to do a search for you.