Fort Bend Sun - News
Real estate broker firm launches bus tours
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| TourHoustonForeclosures.com bus |
By DIANE TEZENO
Missouri City residents Kevin and Cher Riles, owners of Upscale Properties, a Stafford area mortgage and real estate brokerage firm, recently put the wheels in motion on a one-of-a-kind bus tour that connects home buyers with the growing market of foreclosures.
Called TourHoustonForeclosures.com, the free bus tour takes potential home buyers or investors on a two to three-hour tour of area foreclosures.
Similar tours are being offered by a few realtors in California, Dallas and Phonenix, but is a first in the Houston area, according to Riley.
This weekend’s tour, “The Million Dollar Foreclosure Tour,” takes place on Nov. 8 at 10 a.m. and will feature upper level homes in the $300,000 and upwards range.
The ongoing schedule of tours will feature a range of starter to high-end homes, including properties in move-in condition to homes in need of repairs.
“The average property we see is usually 20 percent below market value,” Riles said, although he is quick to add that not every foreclosure is a “deal.”
“People assume foreclosure means deal. That is not always the case,” Riley said.
“Banks are not in the real estate business and may own a property, but still want to make a profit. How much a bank will negotiate depends on how long the home has been on the market,” Riley said.
To qualify for tours, individuals must be willing to be pre-qualified and agree to use Riles as their agent.
“If you are paying cas,h you must show proof that you have the ability to pay cash,” Riles said.
“Buyers don’t have to use our services, but we do offer mortgage financing.”
The foreclosure tour service, already booked in the first two weekend of tours, will offer additional weekend tours twice-a-month in the Fort Bend County area.
Despite the relatively healthy real estate market in Houston, compared to other U.S. cities, Riles said there are still deals out there.
“There are areas of Fort Bend that have foreclosures that you wouldn’t think have foreclosures,” Riles said.
“Foreclosures are no respector of income level or neighborhood, so the quicker we can get these houses filled, the less effect foreclosures will have on our neighborhoods,” Riles said.
The tour begins with a 15- to 20-minute educational primer for participants covering various topics from the tour route and process, available financing programs as well as legal issues impacting homeownership, Riles said.
During the bus tours, Riles and his team of real estate specialists do the footwork for homebuyers by identifying properties considered deals, or potential deals, with the right negotiation.
“Right now HUD is running a special on any foreclosures that allows FHA financing in which you bid the list price and use FHA financing you only have to put $100 down, on top of closing costs,” Riley said.
Riles, one of four brokers contracted by HUD to market foreclosed properties in an 18-county area, has hosted his own radio show on Business Radio 650 and recently published his first book.
“I am living my passion by helping people, real estate is just my instrument,” said Riley. “The reason I started the tour is to help people to build wealth and take control of their futures.”
For more information or to sign up for an upcoming tour, visit www.tourhoustonforeclosures.com or call 281-403-3700.
Called TourHoustonForeclosures.com, the free bus tour takes potential home buyers or investors on a two to three-hour tour of area foreclosures.
Similar tours are being offered by a few realtors in California, Dallas and Phonenix, but is a first in the Houston area, according to Riley.
This weekend’s tour, “The Million Dollar Foreclosure Tour,” takes place on Nov. 8 at 10 a.m. and will feature upper level homes in the $300,000 and upwards range.
The ongoing schedule of tours will feature a range of starter to high-end homes, including properties in move-in condition to homes in need of repairs.
“The average property we see is usually 20 percent below market value,” Riles said, although he is quick to add that not every foreclosure is a “deal.”
“People assume foreclosure means deal. That is not always the case,” Riley said.
“Banks are not in the real estate business and may own a property, but still want to make a profit. How much a bank will negotiate depends on how long the home has been on the market,” Riley said.
To qualify for tours, individuals must be willing to be pre-qualified and agree to use Riles as their agent.
“If you are paying cas,h you must show proof that you have the ability to pay cash,” Riles said.
“Buyers don’t have to use our services, but we do offer mortgage financing.”
The foreclosure tour service, already booked in the first two weekend of tours, will offer additional weekend tours twice-a-month in the Fort Bend County area.
Despite the relatively healthy real estate market in Houston, compared to other U.S. cities, Riles said there are still deals out there.
“There are areas of Fort Bend that have foreclosures that you wouldn’t think have foreclosures,” Riles said.
“Foreclosures are no respector of income level or neighborhood, so the quicker we can get these houses filled, the less effect foreclosures will have on our neighborhoods,” Riles said.
The tour begins with a 15- to 20-minute educational primer for participants covering various topics from the tour route and process, available financing programs as well as legal issues impacting homeownership, Riles said.
During the bus tours, Riles and his team of real estate specialists do the footwork for homebuyers by identifying properties considered deals, or potential deals, with the right negotiation.
“Right now HUD is running a special on any foreclosures that allows FHA financing in which you bid the list price and use FHA financing you only have to put $100 down, on top of closing costs,” Riley said.
Riles, one of four brokers contracted by HUD to market foreclosed properties in an 18-county area, has hosted his own radio show on Business Radio 650 and recently published his first book.
“I am living my passion by helping people, real estate is just my instrument,” said Riley. “The reason I started the tour is to help people to build wealth and take control of their futures.”
For more information or to sign up for an upcoming tour, visit www.tourhoustonforeclosures.com or call 281-403-3700.
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