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Foreclosures Bank Owned

By PHIL DEVITT for Standard-Times found at southcoasttoday.com April 06, 2008

Dennis DaSilva spoke into a microphone at the front of a packed bus Saturday morning as it wound its way through the side streets of Dartmouth.

"We're at our first stop," he said. "How many people are getting off at Tucker Lane?"

About a dozen hands shot up.

Conversation dulled to a whisper as the bus slowed. People leaned to the right and eagerly peered out the windows: a Colonial home built in 1847, white with black shutters — another victim of foreclosure in a struggling economy.

RE/MAX Total of Dartmouth shuttled about 50 people to eight bank-owned homes in Westport, Dartmouth, Fall River and Somerset on Saturday. The real estate company organized the tour to generate interest in the foreclosed properties, which banks are willing to sell at slashed prices, said Mr. DaSilva, RE/MAX owner and broker.

"Tucker Lane is the perfect example of how much banks are taking off the asking price. The longer it's been off the market, the better chance we have to negotiate a deal."

At $100 per seat, the tour was pricey, but worth it, Mr. DaSilva said. By the end of the four-hour excursion, Mr. DaSilva said he had at least three new offers for the foreclosed properties.

The majority of people on the tour were first-time home buyers, but six or seven investors also showed up, he said.

Foreclosures Bank Owned

Potential buyers tour a home on 66 Tucker Lane in South Dartmouth. RE/MAX Total of Dartmouth shuttled about 50 people to eight bank-owned houses in Westport, Dartmouth, Fall River and Somerset on Saturday.

David W. Oliveira/Standard-Times

The day started at White's of Westport with a free breakfast. The bus then took the crowd to three bank-owned homes in Dartmouth, two in Westport, two in Fall River and one in Somerset. The homes, mostly single-family, were valued from about $150,000 to $300,000.

Between stops, prospective buyers flipped through books featuring pictures of the homes and other property details. Dozens of people got off the bus at nearly every home, wandering through the yard, inspecting the interior and curiously peeking through windows when they couldn't get in.

The bus tour was enlightening for Chris Thorn, 23, of Dartmouth, and his girlfriend, Alicia Teixeira, 21, of Acushnet, both first-time home buyers.

"Buying bank-owned property is not necessarily the best way, but it is the more common way," Mr. Thorn said, referring to the soaring number of home foreclosures locally and nationally as people struggle to pay their mortgages and housing values decline.

"Rather than pay $700 or $800 every month for rent, I'd rather put it toward a house where I have more interests, instead of paying it just to live somewhere. It's a good time to start looking for a house. It's better to get it when the prices are low than when they go back up to a higher price."

Ms. Teixeira said she saw the tour as an opportunity to learn more about bank-owned properties, not necessarily to make an immediate decision.

"We're looking up as many houses as we want and only realizing as we get into it what the process is like, but we will be looking into foreclosures."

Joanne Nadeau of Fall River said she wants to buy a house within the next year after renting property for $1,000 per month.

"This is a good way to see what's out there and it's a decent way to spend a Saturday," Ms. Nadeau said as the bus left a home on Robert Street in Westport. "If I'm supposed to pay $1,000 for rent, I'd rather own and find a decent place with enough room."

It is safer to purchase property that is bank-owned rather than at a foreclosure sale or auction because the buyers are not liable for tax liens on the home, and they have the opportunity to negotiate with the bank, according to Melinda Kwart, a Taunton lawyer who was at White's to answer questions.

"You probably don't know what you're getting at a foreclosure sale," Ms. Kwart said. "You're sort of a pig in a poke; you're blind. But bank-owned properties offer a much better situation for buyers."

Mr. DaSilva said more bus tours will be scheduled soon. He said enough people expressed interest in the first tour to fill another bus, and 20 people were turned away at the door.

"For buyers, it's a great time," he said. "Real estate agents just have to be more aggressive. You can't put a sign on the lawn and say 'sold' anymore. You have to spend time marketing, and you can still make a good career of it."