Foreclosure Tour Pairs Buyers and a Bus

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SOUTH MEADOWS (KOLO) -- The nationwide subprime crisis has left many families in the extremely devastating position of having their homes forclosed on. Few states have been as hard hit as Nevada, which leads the nation in home forclosures, according to recent news reports. One report states that in February one in 165 homes in the Silver State was in foreclosure. But it seems one person's loss could be another's good bargain -- at least that's the hope of people boarding the "Foreclosure Express Home Tour" on Saturday.

Nationwide, many realtors are showing foreclosed properties by bus -- and Saturday Reno's Dickson Realty debuted its bus tour. Dickson says its tour of eight properties was completely filled, and another tour will be held next weekend.

People spent about four hours looking at homes that are now bank-owned.

Realtor Cristy Silverman says it is a buyers' market. "Banks have so much inventory that they're trying to reduce their inventory so they've priced these properties to sell. But we are seeing a lot more sellers being competitive with these bank-owned properties just because they are direct competition, and the buyers have a lot of inventory to choose from," Silverman said.

Silverman said properties shown Saturday failed to find buyers when they were auctioned off on the courthouse steps. She says that means there is a due diligence period, and time for an inspection.

She says often banks sell foreclosed properties "as is."

It's recommended that people interested in buying a foreclosed home investigate its condition and whether there are any liens against it. For more information, visit our "Hot Topics" page.