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Realtors Arranging Foreclosure Bus Tours In Orange County

Posted: 4:16 pm EDT March 11, 2008Updated: 5:18 pm EDT March 11, 2008

Realtors have a new plan to profit from Orange County's foreclosure crisis and you could benefit. Currently, there are more than 2,300 active foreclosures in Orange County. That's the third highest number in the state and the state is in bad shape itself with the second highest foreclosure rate in the country.


LIST: Central Florida Foreclosures By Region (PDF)

Now, there's a bus tour for people who want to buy foreclosed homes.

In some neighborhoods, there are fewer signs offering help avoiding foreclosure, but they're being replaced by signs offering tours of homes whose owners could not avoid it. The tour brochure says it all. They are not the homes of the rich and famous, but of those who lost it all.

Realtor Janice Ziesig heard of foreclosure bus tours in California, but decided to add her own twist when she shuttles potential buyers to bank-owned property this weekend.

"We didn't just say, 'We're gonna show you foreclosure homes.' We're [also] gonna teach you what it means to buy a short sale, or pre-foreclosure, or foreclosure, what are the legal ramifications," she said.

Ziesig is one of at least two companies offering to show off deals that shave more than $100,000 off the cost of a house. This year, the monthly foreclosure rate is topping 1,000 a month in Orange County alone. Along on the tour buses are real estate experts, building inspectors, contractors and attorneys, like Karen Spell.

"The ones we're dealing with are the real-estate owned. They've already been foreclosed upon, the title is already clear. The seller is going to give title insurance," Spell said.

There are so many foreclosures right now, banks who own them are willing to give them away at prices that haven't been seen in half a decade. But all foreclosure purchases come with a warning. If you don't know what you're doing, make sure you work with someone who does. It can be very risky.

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