Hop on the “Foreclosure Express”

PORT ST. LUCIE, Fla. – Feb. 28, 2008 – A lender, a title company rep, an attorney, a real estate broker and 57 motivated homebuyers are sitting on a bus.

Stop me if you’ve heard this one before.  

No?  Then let’s cut to the punch line of an adventure called the “Foreclosure Express.”
 
In four hours, the prospects and industry experts viewed 11 short sale and foreclosed homes. Two of the homes went under contract. Negotiations are underway on several others. And next month’s bus tour is already filled to near-capacity with motivated buyers interested in purchasing short-sale and foreclosed properties in Port St. Lucie.

Credit for the marketing plan and success of this venture belong to Selma Schevers, owner and general manager of Realty Unlimited GMAC Real Estate in Port St. Lucie, and her Realtor team who decided a bus tour would be the best way to get buyers and experts in one place. "We have so many investors that we're working with, and they're constantly approaching us about foreclosure or pre-foreclosure opportunities," says Schevers.

Looking at the sluggish sales market, she asked a core group of agents: “How, how, how can we bring in more buyers?” And how could they bring more opportunities to the 40 sales associates at Realty Unlimited?

That’s when she also started focusing on the growing number of foreclosed and short-sale properties. “Let’s capture this market,” she said, and the tour-bus idea took shape. The company also held seminars offering buyers and sellers short-sales mitigation services. They secured a list of reputable consumer credit counselors and connected with banking and legal experts who understand the intricacies relating to these sales. “We want our buyers and sellers to walk away from these deals with peace of mind,” she says.

Schevers wrote a press release and sent it out locally – which brought more attention to the bus tour than she would have anticipated. CNBC interviewed her, and the Palm Beach Post and her local TV station both picked up the story. Watch the CNBC video here: http://www.cnbc.com/id/15840232?video=666406874

She and her team did their homework too, identifying potential buyer groups and then preparing statistical information to suit their needs. “We’ve been waiting for this portability tool,” she says, referring to the passage of Amendment 1 in January, which allows property owners to apply all or a portion of their Save Our Homes tax credits to a new home. She already has buyers wanting to downsize. And then there are savvy investors who set their own parameters for a great bargain.

The team gathered information to help these prospective buyers make informed decisions. They compiled local demographic statistics, charted foreclosure rates in this particular area, and listed which homes were short sales, pre-foreclosures or REO properties. And she gave these clients an idea of what today’s investment potential could be in a few years. 

The listing agents researched each property -- for example showing what’s happening market-wise in a half-mile radius of each home. “We know our properties,” Schevers said. The listing agents also previewed each home to make sure each was ready for showings.

The attorney, lender, title company rep, Schevers and her team of sales associates were onboard during the tour, taking questions and ready to move forward with sales after the tour.

“From every angle it was the best idea we ever had, thinking out of the box, helping bring buyers together and being able to sell houses at excellent prices –- and help sellers as well,” Schevers says.

For the next tour, Schevers will have a Certified Public Accountant along and plans to view a maximum of seven or eight houses. She’ll limit the tour to three hours. Those four and a half hours of viewing homes and working with motivated buyers afterward were exhausting and exhilarating –- and definitely worth the ride.

No joke.

©FLORIDA ASSOCIATION OF REALTORS®
 

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