Bus Takes Buyers On Tour Of Foreclosed Homes

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"People think they get a real bargain and sometimes they can"
Posted: 9:44 PM Apr 13, 2008
Last Updated: 9:24 AM Apr 14, 2008
Email Address: sixonline@wowt.com

18 comments

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Prospective homebuyers are looking at foreclosed houses on the market. One way is to take a bus tour of what the metro has to offer.

Nebraska is doing better than most states in the number of homes in foreclosure, but with everyone looking for a bargain these days, realtors say one of the first questions they hear is, can I buy a foreclosed home for less?

As a single mother of three, Monica Robinson is dreaming for four. "My family's been waiting for awhile to get into a home.” Recently separated, this mom's mission is to find her family a home.

"Me and my girlfriend decided that okay, could be something fun to do because we were looking for homes in that range.”

This bus tour is so popular there's a waiting list to jump aboard. It's first-ever NP Dodge tour of homes that have been foreclosed on. “People think they get a real bargain and sometimes they can,” says Doug Donaldson of NP Dodge. “It's just case by case.”

The tour attracted homebuyers of all kinds. "We have people that are looking for their first home and people looking for investment properties,” says Donaldson.

One rider hid from the Channel 6 News camera because she's about to divorce her husband and needs a house. He doesn't know yet. "Scary, getting out of my home, taking care of my kids and getting a new house and moving.”

It's not lost on anyone that these bargains come at a price for someone else they'll never meet. "Your heart goes out to all the families, that's unfortunate that this happened to them,” says Robinson.

Robinson is thankful for the opportunity. “Normal circumstances, I probably wouldn't be able to come into a home like this.”

The 20 homes on the tour ranged in price from $75,000 to over $300,000. Robinson says that home is a little out of her family's price range, but she can dream. After all, that's what this bus tour is about.

"This is my motivation and hopefully one day they will be homebuyers as well.”

NP Dodge says they will be having more of these bus tours in the coming weeks. Click here if you're interested in riding along.

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Posted by: Jeff on Apr 16, 2008 at 03:36 PM
Derek, you're pretty uncertain about your absolute statements. Why would you say foreclosures are not caused by "the misfortunes of others", but are caused by "the stupidity of others"--but then you say you "feel sorry for the people that lost there jobs and had to foreclose"? Those are the foreclosures caused by the misfortune of others, and the economy tells us that the surge in foreclosures is due to misforture, not stupidity. You make your argument to ease your conscience, but even if you're right and foreclosures only happen to stupid people, why is it okay to take advantage of stupid people?

Posted by: Justin on Apr 16, 2008 at 03:21 PM
To Anonymous: I'm sorry to hear of your misfortunes with your home, but there are some steps one can take before purchasing a home that would protect you. A home inspection done by a certified home inspector should have brought up any hidden defaults, or what is called a "latent" defect. Also, the sellers have to legally disclose any known latent defects. If a fault was found with the home that was so severe that an insurance company wouldn't cover it, then I have to believe it was either with the foundation or sewer system, and that should be found by an inspector. Pests, Mold, termites, Radon, those are all things that buyers often times overlook and don't want to spend the money to ensure that thier investment is a sound one. In Real Estate, the saying 'Caveat De Empore' or "let the buyer beware" is what is engrained into the real estate professional's mind and is on the test as well...not to pass blame, but I believe steps could've been done to prevent situations like this.

Posted by: Kay on Apr 16, 2008 at 12:44 PM
Karma...we had a chance to purchase a home in Papillion for 50K less than the appraised value. Karma was telling me bad move to buy a home becuase of anothers misfortune. I think those people riding around in buses should be ashamed of themselves.

Posted by: Anonymous on Apr 14, 2008 at 11:08 PM
Um not all foreclosures are due to stupidity on the part of the past owners. I had lost a home to foreclosure, not because me or my husband could not afford the payment (which at a fixed rate was reasonable), it was because the mortgage company failed to disclose to us that the home had been condemned and had faults unseen. We had two professionals look the home over before we had even decided to purchase it and they ok'd it for sell. One was from our insurance agent, the other the mortgage company. 2 years later the insurance company decided not to insure the home due to the "hidden" faults and the mortgage company took the house under it's personal insurance, raising our monthly payment by nearly $500 a month. Why would we pay more then $1500 a month to live in South Omaha? Both our jobs would not pay that and allow us to survive. This is just a stupid attempt to get people to buy homes.

Posted by: J on Apr 14, 2008 at 10:39 PM
Some of you missed my point. Some on the bus tour are legitimate home buyers. Some are legitimate investors. This is a marketing ploy. But some of the people on the bus are the same people that show up at Open Houses just "to look" or "to get ideas". I would guess some of you have never had a house on the market. (I don't currently and haven't had for years.) My last house on the market: I did have one mother stop in with her two sons in bathing suits, dripping wet, "just to take a look, because they were in the neighborhood". No intention of buying, just wanting to see how the other half lives. Same kind of idiots who slow down on the interstate to see a wreck without being able to help, but mess up traffic. I stand by my original comment.

Posted by: s on Apr 14, 2008 at 09:51 PM
These people have nothing to feel bad about. Someone needs to buy these houses. What do you suggest? Should the banks just give the house to you when you can't pay for it? Let's all go into foreclosure! It's sad for those who defaulted for whatever reason. But, this is reality -- not la la land. Those who are able to need to help keep the economy moving. If you can get a good deal on a nice home - go for it.

Posted by: M on Apr 14, 2008 at 04:26 PM
Brilliant ideas all around. Lets leave the foreclosed homes there to rot & create blighted neighborhoods. Forget that a family could move in, help to stimulate the economy & realize a dream they previously couldn't have. Some poor sap has lost their house, and if the original owners can't live in it despite not being able to make payments, nobody should! Great work Omaha.

Posted by: Delancey on Apr 14, 2008 at 04:22 PM
Great marketing idea and I can't fault NP Dodge for doing it. However, it does smack a bit of "carpet bagging". A bit distasteful to me.

Posted by: justin on Apr 14, 2008 at 02:21 PM
I guess I'm wondering why this would have a negative influence on who you would list a home with? It's not like NP DODGE is doing anything different than any other home real estate brokerage firm. The other would most certainly help broker a deal on a foreclosed house. A deal is a deal, whether or not it's being sold by a family or a bank. don't blame the listing company or the buyer's agent...foreclosed homes can be a great way to get into a home that normally, one wouldn't be able to afford.

Posted by: Chris on Apr 14, 2008 at 02:17 PM
E - the discount in your "discounted price" is someone else's lost equity. Do you feel sorry enough for the prior owners to make it up to them? And of course I take advantage of sales. Retail sales are markdowns, clearances with a profit, or clearances with a loss. In the end, if the company makes a profit (stays in business) then I've helped the business by shopping their sale. Can you honestly say you help the prior home owners?

Posted by: Derek on Apr 14, 2008 at 01:36 PM
Why do people attack NP Dodge or the people looking at these houses. They are not feeding on the misfortunes of others. They are feeding on the stupidity of others. Its called living within your means people. If you make 50 grand a year and buy a 300K of course you are going to get foreclosed on. Now I feel sorry for the people that lost there jobs and had to foreclose. But for the people that just out budgeted themselves I have no sympathy for. Personally my wife and I could afford a lot nicer house than we own right now. But we wanted to be able to afford our house if one of us lost our job. And we can do that. It amazes me that people complain about how poor they are but they smoke 2 packs a day drink 6 beers a day and buy 5 lotto tickets a day. Its called budgeting and no one seems to do that. If you don't have the money, get rid of the cable tv, cell phone, and other extras that people think are necessities. Being poor is a choice.

Posted by: Joe on Apr 14, 2008 at 12:56 PM
I really don't see anything wrong with the bus tour. Why all the whining about it. Sure someone lost their home, but someone is gonna have to buy it, it's already a done deal for the former owners. I see no reason to be angry at someone for hoping to get a better deal by buying a foreclosed home or NPDodge for trying to sell them. I don't see the problem??? The houses have to be sold, this is a good way to get it done. Now people selling their own homes might have a beef because NPDoadge is putting more exposure out for foreclosures than non foreclosed homes I guess. Perhaps the tour should include all homes in a certain price range, foreclosures and non-forclosures, that might be a little more fair. They could still announce the homes that are foreclosures along the tour perhaps.

Posted by: stop crying on Apr 14, 2008 at 12:56 PM
Why is everybody bashing on NP for this. I think everyone on this site so far is just made because they are one of the idiots that got in over their heads and now can not afford the house they are in. Why should we bail you people out? I bought a house 3 years ago that was a foreclosure, I could have got a 3 year ARM but I knew that was a stupid idea since rates had to eventualy go back up so I locked in at 5.6% for 30 years. NP is just trying to find a way to sell the houses that banks have listed. I would rather have a house in my neighborhodd sell for less than the market value as opposed to having it sit on the market with no care at all. NP is just trying to sell the houses, I commend them for this smart marketing tool, if I were listing my house I would love to have them. They are proving they will do anything they can to sell a house they have listed.

Posted by: E on Apr 14, 2008 at 12:31 PM
I did not see a price for a bus ticket listed so where did you get that idea. What I see is a marketing plan for a way to buy a home at a discounted price. As to how it is decorated - spectacularly I am sure - it is empty since it was foreclosed on and the prior owners have been forced to move out. I feel sorry for the prior owners. What do you suggest be done, leave the house sit empty, attack rodents, and mold before it is put up for sale? NP Dodge has heard the question asked by hopeful home buyers and has found a way to address those questions. I bet you never take advantage of sales either!!

Posted by: B on Apr 14, 2008 at 11:45 AM
What if they can't afford the bus ticket to see the properties? Oh, never mind, they are the ones that owned the houses last...

Posted by: Jim on Apr 14, 2008 at 11:16 AM
American entrepreneurship at its finest. How can we next feed on the misfortunes of others while making a quick buck at the same time? NP Dodge, YOU WILL NEVER GET MY BUSINESS when it comes time to sell my current house & buy another!!!

Posted by: Mary on Apr 14, 2008 at 10:22 AM
Personally, NP Dodge disappoints me for doing this. I have been debating which company to list my home with this year and this helped me make up my mind.

Posted by: J on Apr 13, 2008 at 10:40 PM
And a number of the riders on the bus are just ghouls that feast on the misfortunes of others. Same people that show up at open houses to see how you decorated your house.