Foreclosure bus tours stall

A mortgage lender teamed with a real estate company to take potential homebuyers on day-long tours of homes in foreclosure. The tours rolled out on two Saturdays and generated several closed loans and some buying activity, says the organizer, Carol McQuide, branch manager at Pinnacle Mortgage of Nevada.

But the idea was suspended when the lending company found itself busy servicing a flood of re-financings due to the current low interest rates. The firm will revisit the idea come spring after the weather warms.

If she had it to do over, says McQuide, the tour would include more lower-priced houses. And she would research the time that banks and title companies require when selling foreclosed properties and let buyers know what to expect.