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CU System
CU sponsors bus tours of foreclosed homes
MARLBOROUGH, Mass. (3/31/08)--In a sign of the times, foreclosed properties are the highlights of a series of Foreclosure Bus Tours offered by Marlborough, Mass.-based Digital FCU's real estate firm, DCU Realty. According to the credit union's website, the tours run on Saturdays through May 17, last three hours and hit different areas of the state each week. For example, it hit the Marlborough area on March 15, the Westboro area on March 22, and Nashua, N.H., this past Saturday. Next week, it'll be Waltham. The bus tour is open to anyone, but Digital members get a discount. "Tourists" can bring along a copy of their pre-approved letter from a lender in case they see a deal too good to pass up. They also are told to bring a camera, a flashlight and shoes they can slip off when entering a nice property. Some homes are in move-in condition while others have no electricity, heat or running water. Peter Bohush, the broker with the firm, told a local newspaper that the tour is an easy way for prospective buyers to see a lot of properties in a short time. The tourists include anyone from first-time homebuyers to investors looking for fixer uppers (The MetroWest Daily News March 27). He noted the firm isn't trying to cash in on the foreclosure problem but views the tours as the solution to the housing market crisis. The tours look at properties in several price ranges. The properties are posted on the credit union's website each Thursday. A real estate attorney accompanies the tour to answer questions and explain how to purchase a foreclosed property. Refreshments are provided at the start and conclusion of the tour.
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