The Home Front

A New Foreclosure TV Show!

By U.S. News Staff

Posted: May 28, 2008

No matter what you think about the controversial housing legislation moving through Congress, at least we can all agree there just hasn’t been enough TV coverage of the nation's foreclosure epidemic.

So, for all of you begging for a closer look at a process that's now shattering communities, gutting home values, and threatening to drag the entire country into a recession, meet real estate agent Tom Bruzzesi, the star of The Foreclosure Shoppe—a new realty/reality TV show focusing on Florida's treacherous real estate market.

From the press release, via Inman Blog:

In each episode of "The Foreclosure Shoppe," camera crews follow Tom on a typical wild and crazy day at the office. 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.

Bruzzesi's qualifications for the role include the "huge, visible scars on his head"—which he got from a near-fatal childhood accident and lackluster medical treatment—and his subsequent transformation into a schoolyard tough in order to defend himself from being picked on. (Surprise! He’s from New Jersey.) "I had to be the toughest kid in the grade because I was always getting picked on for the way I looked," he says.

(FYI, anyone who brings up "huge, visible scars" in his or her press materials immediately becomes a Home Front Favorite. Look forward to working with you, Tom.)

Since that time, he moved to Florida and, according to the press release, became one heck of a real estate professional.

In the past 5 years, Tom purchased over 300 foreclosed properties and sold 90% of them to date. So far in 2008, he has already purchased 21 foreclosed properties and he's just getting started.

Even better, the company producing the masterpiece, InTroubleZone Productions—don't pretend you haven't seen V8 Muscle Bikes—is now pitching the show to big-time TV networks around the country. So get your TiVo cued up.

Scumbags?

People bought these homes for inflated amounts with little to no money down. Then fixes them up, and resells them.

Sounds like a fair deal.

Also, you have to be over 6 months behind on your mortgage before you are even in risk of foreclosure.

Finally, the redemption period allows the home owner a period to recapture their foreclosed property. They must pay in full, the total amount due including all penalties, fees, interest, and late charges.

Only a minute (less than 0.001%)* of people who have been foreclosed on every recapture their property.

*this is from personal experience working for the largest foreclosure brokerage in Illinois.

IllinoisReoGroup.com

Matthew Zivkovic of IL @ Aug 16, 2008 14:57:56 PM

Florida Market

The reality is that Florida once again is a investor dream for the foreclosure market..homes that were selling for $1.2M can't be given away for $700K..the $700K homes behind the precious gates filled with people who wanted to keep themselves from a certain kind..are now finding themselves looking at those kind of people moving in for a bargain of $450K...I don't blame people for taking advantage of the market..that is why they call them INVESTORS..and banks are finally willing to start DUMPING the inventory at bottom prices..and seller are short selling their lives away..

Ann of FL @ May 29, 2008 21:58:48 PM

scumbags?

I find it humorous that people think that taking advantage of a decline in values is any different than taking advantage of a rise. There are losers in both cases. Personally, I don't watch any of these shows but there is no difference between this and the get rich via real estate reality shows. I can't tell you how sick I got hearing all those irresponsible people saying that real estate was such a great "investment". These are generally the same people calling the current situation a crisis. Well, investments do decline and its time for people to face the consequences of their actions. No bailouts for banks or individuals. Prices need to fall so that "investors" will take the risk.

Pat of NH @ May 29, 2008 13:10:46 PM

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