Purchasing a foreclosure property has just gotten easier. With an increase in the number of foreclosure properties, media company Next 1 Interactive Inc., is set to launch a reality show that will focus on purchasing and renovating foreclosure properties on a budget.
The pilot episode of "Foreclosure 2 Fabulous" was aired in New York over the last two weeks to a potential viewing audience of 700,000, a press release stated. The show is set to debut in October.
The initial episodes of the show will focus on buying foreclosure properties in Florida – one of the hardest hit foreclosure states. It will advise viewers on how to source and purchase a second winter vacation at deep discounts compared to prices from just a few years ago, the release said.
"Foreclosure 2 Fabulous provides the entertainment value desired by viewers that can cause the necessary interest in real estate transactions,” Bill Kerby, CEO of Next 1 Interactive said in a statement.
Flip Men
This is not the first time a reality show based on foreclosures is being filmed. Late Last year, Spike TV launched a reality series where two real estate investors – Mike Baird and Doug Clark- who buy foreclosed homes, renovate and then sell them.
"Every house has a story," Baird told Inman News.
According to Inman, Baird and Clark have bought and sold more than 750 houses in the Salt Lake City area.
The duo has even bought houses covered in mold, infested and sometimes inhabited by angry occupants.
“They also have purchased homes that vagrants have moved into and turned into methamphetamine labs, as well as houses that gangs have overtaken. In order to recoup their costs, they must fix up the homes as quickly as possible—and then attempt to resell them,” the Wall Street Journal reported.
David Broome, executive producer of Spike's Flip Men, told WSJ that programs such as these are like the ultimate game show because of the uncertainty associated with each purchase.
"You don't know what's behind that door before you buy the house," he said.