Bucks County, PA -- Motivated sellers coming together with bargain-hunting buyers is a “thing of beauty,” says Patty Burgess, Realtor with Envirian Real Estate, and organizer of the Foreclosure Tour of Homes.  “First-time buyers, investors, contractors, or just people with vision, are all perfect matches for these sellers.”  

On Sunday June 1st, 2008 from 1-4 PM, Ms. Burgess is taking 20 prospective buyers to view 8-10 homes in Neshaminy School district, Bucks County, PA.  The tour is free to buyers who must meet only two requirements.  First, participants must get pre-qualified by Envirian’s mortgage partner, Cardinal Financial.  Second, they must sign a Buyers Agreement with Envirian for just the homes on the tour, should any of those homes be purchased.  The homes, while not all in foreclosure, are in some state of distress.  They may be bank-owned, in need of repair, sitting vacant, have a very motivated seller, or going through a “short sale”, a  process where the lender discounts a portion of the mortgage balance.   
 
“I am so excited about the possibilities for both sides.  Sellers are getting a bus-load of pre-qualified, serious, and ready to act buyers delivered right to their door, while buyers view multiple properties in their price range and area.  In this market, it doesn’t get any better than that,” remarks Burgess who also hosts a weekly real estate radio show on WBCB 1490 AM, Real Estate on the Air.   “We’re going to feed and educate potential buyers—not a bad way to spend an afternoon for free,” she adds.

While trying to raise community awareness about the increase in foreclosures locally, Burgess was able to attract such retailers as Wal-Mart to participate in the tour.  Wal-Mart has donated gift cards which will be drawn as prizes on the bus.  Mary Lou Leyland, Human Resource Manager at the Bensalem Wal-Mart was fascinated with this approach.  “I happen to know two people who are facing foreclosure and they are devastated.  We would have never seen this just a few short years ago,” she says.  Wal-Mart will also be donating grant money to Consumer Credit Counseling Services of Delaware Valley to conduct foreclosure prevention seminars and credit workshops in the Lower Bucks County area.  Other retailers see this as a way to support their community, as well.  Everything from food and event tickets to house related services, has been donated for the tour.  

WBCB 1490 AM is getting on the bus, too.  Burgess’ co-host and Program Director of WBCB, Paul Baroli, will be along to re-create a rolling real estate radio show.  “This is an innovative way to maximize the buyers’ time, while educating them on the process of buying distressed properties,” adds Meade Tenaglia, mortgage banker with Cardinal Financial.  Meade is one of the invited experts along with an inspector/rehabber who will be discussing the realities of rehabbing.  

“This is such a great idea for everyone in the community,” says Bill Kramer, owner of the first Envirian real estate franchise in the country.  “People who need assistance can get it in a big way, and businesses are stepping up to support the effort.   Neighborhoods need to support the sellers and thank the buyers.”

Bucks County has not seen foreclosure rates like that of Phoenix or Las Vegas, though the April Sheriff Sale list had a count of 263 homes that were slated for auction. In Lower Bucks, their share was 113 homes.  Other communities around the country report that the increase in foreclosures puts a strain on the community in ways that may not be immediately evident. A ripple effect could show up as unemployment, decreased property values and increased crime. Initiatives like this Foreclosure Tour of Homes are popping up across the country.   

“It is a little like a real estate speed dating service,” says Patty Burgess.  “You get to see a lot of properties at one time that are diamonds in the rough—like all of us, we need a little TLC.  If you fall in love with one of those gems, Envirian is happy to conduct the ceremony, and write up the contract!

To learn more about The Foreclosure Tour of Homes, you can call the 24/7 pre-recorded information line at 1-888-434-9751, ID # 9107 or go to www.realestateontheair.com

Media Contact:
Patty Burgess
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