Foreclosures Coming to a TV Near You
Dating, singing, dancing, physical challenges, trivia – these are all standard components of a typical reality show (well, the kind without housewives, anyway). And now we can add foreclosure investing to the mix.
Just as the housing boom gave rise to house flipping shows, the housing fall is now giving rise to home foreclosure shows. The Wall Street Journal reports that this summer and fall, several TV networks will premier reality shows about buying foreclosed homes. This was a bit unsurprising to hear – an obvious next step for TV.
While last week’s foreclosure report from RealtyTrac showed that foreclosures decreased in 84% of markets across the U.S. in the first half of the year, there’s still a glut of foreclosed homes out there to buy. This is the year of the real estate investor, and where there’s money to be made, there is TV to be made.
Will TV glamorize foreclosure investing, making it look easier than it is? Or will we witness the realistic blood, sweat and tears that go along with the territory (much like we saw in the house-flipping shows)? I’m guessing the latter. Anyone who’s ever gotten involved in real foreclosure investing knows it’s not the “get rich quick” scheme it’s made out to be on late-night infomercials. There’s real risk involved, solid know-how, and you do need cash – despite the no-money-down proponents.
I think it will be interesting to watch, though. We all know that every real estate deal comes with its own set of problems and solutions. This market presents plenty of opportunities, but that doesn’t guarantee success.
Here are the shows, the WSJ mentions will premiere soon:
Spike TV’s got a new show called “Flip Men” coming in September. It’s about a duo in Salt Lake City trying to make a profit in foreclosures.
Bravo’s reality show, “Flipping Out,” starring Jeff Lewis starts its fifth season later this summer. Apparently, Lewis wrangles with lenders in a quest to buy a foreclosed house to live in.
DIY Network has a show in development about flipping foreclosed houses that’s expected to air in 2012.
A&E Television Networks reportedly tapped a former “Survivor” contestant to star in a new show later this year about flipping houses.
Tune in and see how this blood sport unfolds. Reality, sugar-coated or just plain fantasy?
Real Estate Japan Note: This article is by Gino Blefari, CEO of Intero Real Estate. Intero is a Real Estate Japan partner and the leading realtor in Silicon Valley.
Photo credit: Glogger via Wikimedia Commons