Archive for May 27th, 2008

Two unusual ways to make money in foreclosures

In Florida, work is underway to syndicate a little reality show called The Foreclosure Shoppe. It follows the wild adventures of Realtor Tom Bruzzesi as he navigates the tricky waters of the REO world of bank owned property. His competitors call him “The Maniac.” As many strange things as I have seen, I can only imagine the weird things he encounters every day.

Also in Florida, the New York Times tells us about some enterprising guys who have set up business working on foreclosed properties. They inspect, secure, maintain, repair, and sometimes even clean up these properties for the banks that own them. Unoccupied homes can deteriorate quickly, particularly when helped along by vandals, moisture, and abandoned animals. On the other hand, banks have discovered that a few hundred or thousand dollars paid to companies like this can prevent problems and municipal fines, help them sell the property quickly, and in the end, save money.

Anyone want to bet on whether these guys know “The Maniac” by now?