Three houses; one a turn of the century dilapidated mansion, one a outdated rancher, the last a 1950's river stone cottage without heat or air; what could they possibly have in common? The mansion will find its way on the national registry. The rancher will get a refreshing face-lift, out with the linoleum and in with the hardwoods. And the little stone cottage built when dishwashers were human and heat came from the fireplace, will have new heat and air and stainless appliances. One is probably worth one million+ on a bad day, the other $220,000 and the last house was sold in January for $85,000. But the common denominator was new owners with vision. Buyers who could see past crumbling plaster to the great "bones" and the "heart" of a home. They had one other very important item in common; they were purchased significantly below market value.

If you have ever thought about reclaiming or resurrecting a home now might be the best of times. There is an expanding group of homes that have found their way onto foreclosure lists, or become HUD property inventory or are currently being marketed as a short sale. These distressed properties could just be the opportunity to own a home that in a normal economy would not be available. It also could be your way of supporting our community by breathing life into a property that has slid into disrepair.

Such is the mission of Buddy Malin, the owner of the Fountain City mansion, Stratford Hall, more commonly known as the Sterchi Mansion, an amazing home, full of history and a grand example of recovery and what can be accomplished when you are patient and tenacious. And such is the passion of a new Century21MVP real estate Foreclosure focused team, anchored by Buddy and supported by broker, owner Debi Korlin and her husband Mike. The three houses are just a few of the homes this Foreclosure Team has personally participated in the rehab of.

This team of house loving hunters has a unique approach. Partnering together they will be offering "Foreclosure Tours, every Tuesday evening out of the inspiring home of Buddy, Stratford Hall. The Tour will be a venue to coach and educate those attending in the art of "buying real estate wholesale". The Foreclosure Tour will cover: finding your "diamond in the rough", accessing its needs, making a lucrative purchase and how to launch the miracle of reclaiming something deserving.

The Foreclosure Team will be sharing their personal experiences. Whether looking to find an investment property or whether looking for a super home at a great price.

Question to Buddy Malin: Sounds like you have had a few experiences to share?

Buddy Answers-- Oh I would say "just a few"- I have bought and sold 29 houses, 22 of them HUD properties over the past 30 years. So I do have the stories. But my most memorable experiences are with my current home, Stratford Hall. Creating a live-able home in a 1910 mansion and not just a showplace is the first challenge. And staying true to the architectural integrity all at the same time. A home schooled family of five living in the midst of a rehab takes real faith.

Question to the Team: What about lending right now- I've heard that a loan is hard to come by?

Debi Answers- Well no doubt lending has changed, but our good sources of loans are still good, and the interest rates are very low. Many people are unaware of the govt. backed loans for first time home buyers. There are several options all of them have great rates, one is a THDA loan where the down payment is paid by the govt. after the new home buyer takes a class. But there are other really good loans for those of us who are not first time home buyers; such as a Rural Dev.loan that requires no down payment. The HUD properties only require a $100. down payment I know this gets so confusing -and it changes each week, but that is why we are going to do the Foreclosure Tour- where we can make this type of information available. We also welcome phone calls and are always happy to share what we know.

Question to Debi: What about the govt. tax credit?

Debi Answers: Yes we have a handout on that as well, we will give that to our Tour Guest or they can log on to my website www.deborahkorlin.com and print out some good info about it. Many, of our buyers are going to qualify - it started at as a loan but now it is a true $8,000. credit, even if they owe no taxes they will be sent an $8,000. check.

Question to Team: How hard is it purchase a foreclosure?

Debi: Well- that is why you have us! We guide you every step of the way. There are some important differences; you will want to protect yourself. But it can be done. That is what we cover in the tour. Buddy for instance bought a beautiful chalet in Gatlinburg, really a hidden private wooded estate with fabulous mountain views.

Buddy- Yes, we bought it at foreclosure for $226,000. 3 years ago and we had an appraisal for $700,000 a year or so ago. And for any interested buyers we will sell it today for $549,900.

Jan: We'll be happy to show our Foreclosure Guest Buddy's Chalet estate- He has named it Belvedere which in Italian means "Beautiful View".

Question to Team: What is a short sale?

Debi answers: It is where the bank is willing to sell the property "short" of what is owed on it. It is also a great way to get something heavily discounted.

Question to Debi: I would think many of our readers would have to sell their home before they could buy a new home. Can you help with that?

Debi Answers: Sure, We list property everyday. The Foreclosure Tour is just our focus and our love… but in order to purchase many of our clients will need to sell the home they currently own; we have a special program that gives our clients a edge up. (if they use us for both transactions we offer special discounts.) Marketing a home is an art as well - we do individual consultations - helping a home owner decide what they need to do or don't need to do to get the most for their home. You'd be surprised what makes a home desirable and appealing it is not always straightforward. Especially if you have been living in a home for a long time most of us lose our perspective.

Question to Team: Well let me ask one more question: What if I am not talented in construction, should I avoid foreclosures?

Jan answers: Maybe you are not the hammer and nail kind of guy, or maybe your marriage doesn't need the stress. We will steer you to the foreclosure that only needs paint and carpet. And actually there are foreclosures that are pristine - nothing needed. Now that is my kind of Home!