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Bus tours showing off foreclosed homes


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"Either it was people who weren't very careful when they ripped stuff out or the people who owned it just didn't take care of it at all," Nuckols said. "You would have to invest quite a bit of money to bring it up to a standard that you would want."

The second property, a two-story home with four bedrooms and three baths, drew raves because it was so well-maintained. Built in 2004, the 2,514-square foot, two-story home was a relative bargain at $257,000.

Between stops, mortgage broker Cecil Moore answered questions on home loans and risk, telling the riders to get a deal that fits their budget to avoid foreclosure themselves.

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"Go with your gut instinct," Moore said. "If you feel like something is not right with your financing or any aspect of the transaction, it's important to feel like ... you have the ability to bring things to a halt."

A few stops later, the bus arrived in a neighborhood where homes were much older. Homes with nice lawns and updated exteriors were peppered among others with sagging rain gutters and peeling paint.

Built in 1985, the three-bedroom, two-bath home with 1,543 square feet was rife with repair issues, including a pool deck that directed water toward the home instead of away. That made the $169,000 price just a starting point.

Kim Douglas Moore, a home inspector who is no relation to Cecil Moore, estimated that the home needed more than $30,000 in repairs.

Across the street, a woman and two girls sat in their front yard, and another neighbor came walking by. They were not enthusiastic about the traffic problem the bus's presence caused and having its passengers milling about.

"If it came through every day, it would be annoying because there's kids playing here all the time," said neighbor Jennifer Mastin.

Tour participant Beverly Frazier, of Poinciana, said she wanted to buy homes to rent, and had no misgivings about buying a home that once belonged to someone who couldn't meet loan obligations.

"It doesn't affect me because you didn't do your homework and you didn't budget properly," Frazier said. "When you purchase a home you have to know that it's a big commodity and you have to actually take care of it and do research on it."

The tour ended after seven homes, and while Ziesig received no concrete offers for any of the homes, she was happy she was able to make home buying more fun and accessible to potential buyers. She plans tours in April and May, and even wants to have a bilingual tour for Spanish-speakers.

"It's turning out just the way it's supposed to," Ziesig said. "We wanted to do something different. We wanted to teach people. People are interested. It gets people to call."

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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