Foreclosures: Vultures, Voyeurs and Lawyers
By Glenn Roberts Jr., Friday, May 23, 2008.Bookmarking Sites
The swath of blight and financial troubles carved out by a rise in foreclosures has also cleared the path for a growing cottage industry.
A production company in Florida is seeking to syndicate a reality television show starring Tom Bruzzesi, a Realtor and foreclosure investor who has bought and sold over 250 foreclosure properties in the past five years.
"In each episode of 'The Foreclosure Shoppe,' camera crews follow Tom on a typical wild and crazy day at the office," according to an announcement this week that promotes the series.
"Tom (affectionately nicknamed 'The Maniac' by his peers) confesses that he is a master at frustrating people. 'I know how to get underneath their skin and throw off their bidding strategies,' Tom admits. From irritating bidders at the courthouse, to walking through his purchased properties for the first time, to evicting tenants that won't leave, to picking up his large paychecks, viewers get an inside pass to witness Tom navigating through the messy foreclosure process."
Bus tours of foreclosure properties are also springing up in hard-hit markets across the country (see Inman News article).
CondoVultures.com offers market intelligence to investors about the condo market in South Florida, including court foreclosure listings for several counties.
Foreclosure-related real estate sales represent a substantial share of sold and for-sale properties in some market areas, and many agents have sought training and specialized in this growing niche (there are several membership organizations for agents who work with foreclosure properties). Lawyers, too, seek to cash in on the growth and growing interest in foreclosures.
Christian N. Folland, a real estate lawyer and Realtor in South Florida, for example, promotes his combined experience in working with buyers to "find and buy pre- and post-foreclosed or otherwise discounted properties while avoiding the legal pitfalls of problem or 'red-flagged' properties."
He lists possible complications with foreclosure properties: title issues, fraudulent developer contracts, lawsuits over construction defects, high numbers of renters vs. owners, pending special assessments, large numbers of pre-construction buyers who fail to close, downgrades in unit finishes due to the high cost of materials, and lender blacklisting due to fraudulent sales and appraisals.
Tom Bruzzesi, star of reality TV show about foreclosuresAll rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.
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Submitted by Rick Belben on May 25, 2008 - 12:06pm.
I guess this is just a sign of the times - Reality TV & Foreclosures. Both seem to be pretty popular right now.
Submitted by Chuck Ardezzone on May 27, 2008 - 5:10pm.
This guy sounds like a cool dude, I'd love to watch a show on him and the foreclosure biz.
Submitted by Matthew Dollinger on May 28, 2008 - 10:42am.
Nice. Glad to see that we in the industry are moving away from the stigma that has befallen us. Forget that our goal is to help those achieve the American Dream... forget that people choose to share with us their hopes for the future and financial statements... forget the fact that less than 5 years ago the Realtor profession was ranked just above Used Car Salesperson by USA Today... Let's show America that we truly are heartless, faceless, money driven capitalist driven by greed and the almighty dollar.
For those of you reading this post and are as disgusted as I am by this portrayal of our industry, why not say something, do something, make a difference? A great start would be to tune in to 1000 Watt Consulting's Blog www.1000wattblog.com and see that you're not alone ... and Turn On.
Matt Dollinger
Matthew Dollinger
Performance Coach
@properties, Chicago IL
Submitted by Chuck Marunde, J.D. on June 1, 2008 - 7:03pm.
Interesting, but I think we are probably about to surf a very large wave of foreclosure businesses, niches, services, and reality shows, and we are at the very beginning of the swell. Get ready for a big ride. Are you on a surf board, or will you be a spectator?
Chuck Marunde, J.D.
Real Estate Attorney (Ret.)
Broker/Owner/Realtor
SequimPortAngeles.com
Submitted by Mary Davis on August 25, 2008 - 6:03am.
Tell me about lawyers. I hired this asbestos attorney and I almost had to sell the house I was fighting for.
Submitted by Larry Hotz on September 3, 2008 - 1:35pm.
Competition for these foreclosure properties in our Denver market has increased dramatically in the last couple of months.
The last three offers we made on behalf of clients were facing competing offers from at least two other buyers. The homes priced below $300,000 are particularly hot. It's not unusual to have seven to 10 multiple offers on these homes. As a result, the banks have figured out that it's in their own best interest to be slow to reply. At the beginning of the summer we could expect replies on foreclosed properties within a day or three. One I am working on right now will likely take more than a week. They know the longer they wait, the more offers they will have.
Denver Real Estate Blog | Denver Relocation
Submitted by Alex Pablate on September 17, 2008 - 10:33pm.
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Submitted by Kim Gibbons on November 18, 2008 - 10:47am.
Everyone seems to think of South Florida when condo foreclosures come to mind. There are foreclosures NW Florida, not as many but this is a sign of value. The market here is not swamped with foreclosures and as a result property values are much more stable.
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Submitted by oliva barnand on March 16, 2009 - 2:00am.
Its fantastic TV Show about foreclosures, i think one of the clever mind foreclosures investor with great concept.become quite popular show in people.
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Submitted by John Maclen on July 24, 2009 - 10:59pm.
People will find an opportunity in every situation, hope they do not hurt people by poking fun at a situation that has the entire country worried. lawsuit loan review
Submitted by John Maclen on August 12, 2009 - 11:57pm.
Normal 0 If you are injured and looking for an attorney to help you recover costs for your medical bills, you deserve only the best. You need a lawyer who will work with you through every step of the case with compassion, kindness and an aggressive attitude toward getting you compensation for your injuries. The Missouri personal injury lawyers at Page Cagle have worked with countless individuals to achieve success.
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Submitted by John Maclen on August 14, 2009 - 8:41pm.
Normal 0 If you are injured and looking for an attorney to help you recover costs for your medical bills, you deserve only the best. You need a lawyer who will work with you through every step of the case with compassion, kindness and an aggressive attitude toward getting you compensation for your injuries. The Missouri personal injury lawyers at Page Cagle have worked with countless individuals to achieve success.
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Submitted by John Maclen on August 17, 2009 - 2:45am.
If the Federal Reserve Bank of Boston research paper is any indication, Obama is not getting the straight scoop; he is being told that most foreclosures are not preventable (that was the conclusion of the paper). I suspect he has some awareness and is trying to track down the money. We have recently seen a battle between USA and UBS, the Swiss bank trying to protect the anonymity of tax evaders.
I recently saw court documents that showed how a $77k mortgage had been sliced and diced, split into tranches and divided among investors; the mortgage had been sold 662 times in a matter of 10 months; many of the investors were located in the Caymans, the Channel Islands, and other offshore tax havens. A lot of money was made in the securitization process and a lot of money is now being made from the defaults on those securities. It is not easy to hide those profits and avoid paying taxes on those profits, likewise it is not easy to follow the money.
Help Stop Foreclosure
Submitted by John Maclen on August 19, 2009 - 10:55pm.
Hi, Worth visiting your site. How people get hurt in the situation is really painful. i strongly suggest to make a limit for all translation.
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Submitted by Magi Jonly on August 26, 2009 - 9:43am.
His mother wanted the boy to be an athlete; his lawyer father was aloof and mentally unstable.
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Submitted by John Maclen on August 26, 2009 - 8:38pm.
Some people and even the lawyers who you trust to help you are not doing their jobs properly and that is not helping the matter. Foreclosures can be avoided but what if your lawyer or solicitor is not giving you the right advice.
Choose the right lawyer with an impeccable record.
John,
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Submitted by Magi Jonly on September 9, 2009 - 12:16am.
Christian N. Folland, a real estate lawyer and Realtor in South Florida, for example, promote his mutual skill in working with buyers to "find and buy pre- and post-foreclosed"
Submitted by Sola Gola on September 27, 2009 - 11:06pm.
The Supreme Court of Ohio today imposed an indefinite license suspension against law updates...for engaging in illegal voyeuristic conduct that resulted in his conviction on multiple criminal counts including felony charges of intercepting electronic or oral communications and pandering sexually oriented matter involving a minor. [His] law license was suspended on an interim basis in February 2008, after the Court received notice of his Foreign Currency.
The Court adopted findings by the Board of Commissioners on Grievances and Discipline that, although [his] criminal acts were not committed in the performance of his Accountants in Yorkshire, they violated the state attorney discipline rules that prohibit an attorney from engaging in criminal conduct involving moral turpitude and from engaging in conduct that reflects adversely on the attorney’s fitness to practice law.
Submitted by Ky Richards on October 28, 2009 - 9:54am.
This guy sounds like his life is completely crazy, but I can understand why he does it. His day must be completely chaotic. All the legal issues involved with foreclosures can put a crimp in the process. It's definitely good that he has a lot of experience dealing with those issues.
Rosen Louik & Perry
| Pittsburgh injury lawyer
Submitted by Baba Shandra on November 17, 2009 - 5:03am.
Wow, this man really have crazy life. Or maybe he is already nuts? It could be, when your life is runs-out like these guy. Poor guy. bankruptcy records