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| ReMax Haven Realty's shuttle took nine hopeful buyers to houses like the red split-level on Cromwell Drive in the Cleveland
suburb of Solon. Wendy A. Hoke |
'Foreclosure tourism' is a ticket to opportunity
The buyers on the bus seek dream deals on the homes where other families' dreams once lived.
from the May 27, 2008 edition
Page 2 of 3
Some tours across the country require that participants prequalify for loans. That's not the case on this tour. It doesn't matter, because everyone in the group is an interested buyer.
Henry Bertorelli, a retired power company employee, has been living in an apartment. He admits that the circumstances of foreclosure are "depressing," but he's looking for a good deal on a modest home and had heard a report about foreclosure tours on National Public Radio. Dee Alexander and her two daughters are looking for a good-sized home and have marked a star by the last – and largest – on the tour. Sidney Brown, a businessman in constant cellphone and BlackBerry motion, is single, but looking for a spacious home. Another middle-aged couple follows the bus by car.
Mr. Hartson encourages the buyers to see beyond the surface, mentioning that home repair loans are available through the Federal Housing Administration. Buyers look leery, but quickly turn back to their information packets.
After circling a block of classically elegant houses, the bus stops at the first home: the price tag is $189,900. Curb appeal is lacking, but its Craftsman-style detail makes the interior of the three-bedroom house architecturally interesting. A walk down the driveway to the backyard shows a worn basketball hoop, an overturned trash can, and a tire swing hanging from a giant tulip tree.
The kitchen floors reveal years of wear – kids' cleats, that darned dog – all leaving their mark. The heavy odor of cigarette smoke lingers as if the last butt was smashed on the way out. A needlepoint-covered brick still holds an upstairs bedroom door open. And "Judy" painted a bra on the hardwood floor of her bedroom with the inscription, "2000 36C."
"Does anyone have any questions about the house?" asks Phillip Wells, a home inspector who, at each stop, checks electrical service, roofs, furnaces, windows, foundations, and looks for water damage. Armed with his flashlight and knowledge, he's the most valuable passenger.
After hearing a few tips on what to look for, the group pulls up to the next home – a large four-bedroom, three-bath Cape with an in-law suite on nearly two acres – asking price is $290,000.
Upstairs in the master bedroom, leaning against the wall are a headboard and large mirror. Maybe these – and the cradle filled with dolls in the attic – didn't fit in the truck when the homeowners moved. No room, no time to think about toys. Those things stayed behind just like their name engraved on the door knocker.
There's not been a lot of buzz about the homes, until the bus pulls up to the next-to-the-last stop – the red split-level on Cromwell Drive in Solon.
The foreclosure "tourists" who braved the spring rain file off the mini-charter bus nodding approval at this $189,000 three-bedroom, 2-1/2-bath home with grand old trees and fresh mulch in the beds.
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