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Potential Home Buyers Take Bus Tour Of Foreclosed Houses

POSTED: 2:47 pm CST February 24, 2008
UPDATED: 4:19 pm CST February 24, 2008

A North Texas Realtor is making the most of the flood of foreclosed homes on the market.

Real estate agent Tess Langevin started a bus tour to connect buyers with foreclosed houses.

"At first, I thought, well, maybe they're rundown and not quite the thing you'd want to get," prospective home buyer John McConnell said.

Although many of homes get a bad rap, some of them are a real steal. Langevin said most of the properties featured during Saturday's tour don't even need work.

"It might need carpet in different areas, maybe a little paint, but they're not terrible homes," she said.

Thousands of North Texans lost their properties to foreclosure when the mortgage bubble burst. The crisis forced real estate agents to find new customers.

"We have felt it, you know, but we have a steady stream of buyers," Langevin said. "I think what they're looking for are deals."

Take one home on the tour -- it's $180,000 cheaper than other houses in the neighborhood.

"We don't want all of these houses sitting empty and deteriorating," Langevin said. "So what we're trying to do is, get people in their houses and save the neighborhoods."

There is more time and paperwork involved in buying a foreclosed home. Langevin said her company works with banks to speed up the paperwork process.

Foreclosures throughout the Dallas-Fort Worth area are setting record numbers. More than 4,100 are scheduled for next month's foreclosure sale.

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