Posts Tagged ‘texas foreclosures’

The potential buyers of houses roll inside the buses and see for themselves the realty of the real estate market today. The bus rumbled down Peyton Drive in North Dallas and the passengers peer out the windows looking at the innumerable ‘For Sale’ signs. Ms Langevin has organized the trip and has her image loud and clear on three sides of the bus. This is a regular routine for the 22 seat bus as it frequently halts for clients to off load and see for themselves the realty of the times – countless foreclosed houses begging to be sold. The half day trip halts at eight or nine points near houses that have been taken over by the banks. The units are victims of the wave of North Texas foreclosures that still seems to be rolling and raging.

All kinds of houses are ready to be sold – from the brand new to the vintage beauties. The price of one elegant two storey unit came down from $1.1 million to $795,000. It seemed impossible that such a house should have been in foreclosure. Langevin says she got the idea of these bus tours from similar ones being conducted in California. She advertised over the Internet and by late February set the tours rolling. Most of the passengers are first time buyers who had come from outside. Many renters were keen to buy a house while there were others we wanted to climb up the comfort zone of life and living. Langevin gives a running commentary as the bus moves on informing the interested about the houses being viewed. One couple had no definite plans – they had just come to see for themselves the foreclosure scene. The passengers talked amongst themselves and exchanged pros and cons about foreclosed deals. Each had something new to learn.

Banks are desperately trying to lighten their load of repossessed units and this has opened up opportunities for many who can avail of it. But one thing to bear in mind is that buying a foreclosed house is buying the problems as well. The door closes for one but open out for another. If the houses are sold the market might come back to its tracks and bolster the economy. There are many who are now dreaming of converting a fantasy house into a real home – something that ordinarily would have been well beyond their means.

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