Buying A House? Take Foreclosure Bus Tour

Some local real estate agents are trying to turn foreclosures into someone's windfall.

The agents are taking prospective buyers on buses for what they call Equity Tours.

KMBC's Bev Chapman reported that there are plenty of for-sale signs in the metro area, and agents are willing to cut prices to move houses.

"You can't build this home for what you're going to pay for it," Prudential Gaslight real estate agent Mary Edwards said.

On a recent day, Edwards was showing prospective buyers about 20 houses. She said the homes would give the buyer between $10,000 and $50,000 in instant equity because of their low sale price.

One of the homes is in the Four Pillars subdivision in Blue Springs.

"It's got a great room with a see-through fireplace in the entry way," said Prudential Gaslight real estate agent Brian Gauldin said.

The house has five bedrooms with big walk-in closets, three and one-half bathrooms and a new three-car garage. The home is listed for $314,900.

Agents said if you tried to build it, it would cost about $350,000.

The house has been on the market for 221 days.

Agents said banks that hold the titles to houses such as this want to get them off the books.

"So they drop the prices to get them out of their inventory so they can get good loans in hopes of recouping some of their losses there," Edwards said.

Some of the homes have tax appraisals that are higher than their asking price.

Chapman reported that there are some housing bargains out there, but real estate agents said the challenge is to get prospective buyers to see the houses and notice the silver lining in someone else's foreclosure.

"If you really want to get a good deal on a house and really want to buy, now's the time to do it. Don't wait," Edwards said.

On Saturday, Edwards and Gauldin will be showing people houses in eastern Jackson County that cost more than $200,000; on Sunday, they'll show houses that are less than $200,000.

To register for the foreclosure bus tour, visit maryredwards.com.

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