Foreclosure and home tour offers and unique twist on housing situation
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SATURDAY MARCH 14 2009 9:30AM-2PM
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& HOME TOURS
When the bus driver yells all aboard at 10am March 14th, the people in the 22 seats in a luxury bus can expect to go to at least 10 destinations that offer the potential for excitement and opportunity. Welcoming potential homebuyers and investors to the first Southeast Alabama foreclosure and home tour, Coldwell Banker owner Gwen Gilley said the bus will take its passengers and other who are invited to follow along, to properties that could be their next home or rental house in the Enterprise real estate area.
"This is unique because everything you see that day will be good deals and the properties will be in all price ranges" She said
"This is definitely an even you don't want to miss", said Stephanie Boykin of Coldwell Banker who has been helping to organize the even with Gilley, broker Ricky Snellgrove and fellow agent Sonya Bovee Partridge.
"We will have properties from one end of the spectrum to the other" said Partridge. "Everybody can find something to meet their needs".
Snellgrove said the tour will be a great opportunity for homebuyers as well as investors, because they not only will be introduced to good deals but will have access to information from professionals in Enterprise real estate, financing, law and home inspections. "We'll have a home inspector, a banker, a lawyer, and a mortgage broker along with us," he said explaining that the professionals can address topics such as rights of redemption, repair needs and interest rates.
Enterprise real estate agents will have comparison quotes as well so that potential buyers can see what other homes in the area have been selling for. Participants on the tour will be able to look at the properties extensively and make a decision about buying one the properties on the spot if they desire. The foreclosure tour, Gilley said is economy-driven at this time, but she and Snellgrove and the staff don't see that as particularly negative.
Problems in the housing market have affected other areas of the country more than the Wiregrass, they said. "In this area our housing market is pretty good" Snellgrove said.
The following is some highlights from the tours:
Nevertheless, Gilley said that the local Enterprise real estate market has developed an excess inventory of houses that are either in foreclosure or are in need of a "short sale" in order to avoid foreclosure. Therefore, the price on the houses is valued under market value.
Snellgrove sees the situation as an opportunity to put people into homes quickly and to help sellers who need to eliminates their existing mortgages. "Rather than keeping homes on the market for longer period of time that would have the potential to decrease market value, the tour can have a positive effect on the market by matching inventory with investors" - Sonya Partridge
Gilley admitted that some sellers may lose equity, but they may salvage their credit. "Bankruptcy is bad, foreclosure is worse." Said Sonya Partridge
Gilley and the Coldwell banker staff members said the tour and the sale of homes will be a good twist on the bad national economic picture.
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e bus will take its passengers and other who are invited to follow along, to properties that could be their next home or rental house in the 
