Foreclosure tour connects people with homes

Cristo Basas
Cristo Basas

By Duane Shimogawa - bio | email

HONOLULU (KHNL) - It's a growing trend in states like California, Florida and Nevada where housing markets there are plundering.

Now Hawaii is jumping on the foreclosure tour bandwagon.

A Central Oahu real estate firm is the first in state to offer people a creative way to take advantage of our tight economy. Some say it eases the confusing process and stream lines the many steps to finding a foreclosure.

To some it may look like an ordinary tour, but to these people it's a big step in their lives.

"We're settled here in hawaii and the only real way to make it here in hawaii is to make an investment of that nature," Tour participant Cristo Basas said.

This do-it-all foreclosure tour has been running for a few months.

"Everybody's looking for a good deal and this is a great opportunity, unfortunately there's people that have lost their home, so there's a sad side to all of this," Tour coordinator Duke Kimhan said.

These realtors take care of everything for buyers, from start to finish. the tour lets people see up to 10 homes in a three to four hours.

"With foreclosures you can get anywhere from a 10, 30, sometimes 40 percent discount on homes in areas that are in an area that you've been wanting to buy back into," Kimhan said.

That's what Cristo Basas wants and now has the opportunity right in front of him because of the tours. but they're also changing the stereotype of foreclosures.

"When you think of a foreclosure home, you sometimes get an impression of that it's a rundown place or it's in really bad shape and that's not the truth at all," he said.

Hawaii has one of the lowest foreclosure rates in the nation, but realtors keep saying that foreclosure tours are gaining in popularity, with little more than 40 tours two weeks ago and Saturday, there's a little more than 25 people.

"For beginners it's a great thing to learn the market and get your questions answered but for experts you pretty much need to know the numbers, how much it is worth and just get the deal done, so i'm more straight to the point, I don't need to see all the fancy dance stuff," Real estate investor and tour participant Shelby Brown said.

A tour that links some with homes they never thought they'd get into. Realtors say the amount of foreclosures should continue to grow through next year.