Repo Homes Bus Tours Provide Homeowners with New Way to Buy Houses

With the growing inventory of repo homes becoming available around the country, many regions have seen a growing interest among small-time homebuyers and real estate investors in buying these low-cost homes through foreclosure auctions and other sales. But now it seems that some companies are even beginning to market to this trend by offering services designed to help homebuyers cash in on the opportunity for savings on repo homes.

In Boise, Idaho, a team of local real estate agents have teamed up to offer something new to area homebuyers and real estate investors, a rolling bus tour of local repo homes and bank foreclosures for sale. The Treasure Valley Repo Bus Tour brings local homebuyers on a local tour of a wide array of foreclosures available for purchase. In order to sign up, potential buyers had to reserve a spot on the bus and provide proof of their qualification for a loan in order to buy a house.

This is a very interesting trend, and really displays how repo homes purchase and the booming foreclosure market are developing their own identity and popularity as a unique real estate market. Idaho and the Boise area is a ripe spot for repo homes and bank foreclosures for sale, as the foreclosure rate in January of 2008 was 95% higher than it was in January 2007. Buyers and agents alike are seeing the opportunities in those kind of developments, as often times bank foreclosures for sale and repo homes can be bought for up to 50% off their market value.

Remarkably, bus tours of this kind exist in other repo homes hotspots as well. San Bernardino recently launched its “SoCal Repo Express”, another bus tour for repo homes. Perhaps this will become a new trend in real estate?

Related Posts:

• Boise Sees Growing Rates of Foreclosure Homes
• Foreclosure Tour Bus: Making the Rounds
• Repossessed Homes for Sale Rose in the Idaho Treasure Valley
• Housing Market Far From Recovery in Repo Properties Crisis
• Distressed Homes for Sale Getting Attention From Commercial Agents