DAVIE, FL- LOOKING FOR A HOME, BARGAINS ABOUND AT ONE SOUTH FLORIDA WEBSITE

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) November 21, 2007 --

With a heavy inventory of homes currently on the market, one South Florida website puts bargains literally front in center for perspective buyers and helps sellers who are behind on their mortgage get out and on with their life. The site vultureproperties.com, is the brainchild of former contest.com’s Chief Project Manager Alan Philipson and according to him is designed to do just what the internet is supposed to, create a world wide stage for a product or service. “Foreclosures are at a staggering number and people who are going into foreclosure aren’t even aware of their options. This medium gives them a significant resource” states Mr. Philipson.

Mr. Philipson’s assertion is illustrated by a recent report from the Default Research, a Pleasant, PA firm which tracks foreclosures. In the month of September of this year, Broward County lead the state in foreclosures with 1,141 followed by Miami-Dade County at 1,006, and finally Palm Beach County, with 688. According to this report, overall, 4,872 foreclosures were filed in Florida, up from 1,541 in September 2006. Across the United States according to Irvine, Calif.-based RealtyTrac, the number of homes entering some stage of foreclosure -- from notice of default to bank ownership -- increased 45% in January from the same period a year earlier, this means that there is one new foreclosure for every 1,117 U.S. households.

With so many homes going into foreclosure a creative way to combat this problem is the process of loss mitigation or short sales (a means of which real-estate is sold for less than what is owed). In a short sale, the seller is able to move on with their lives, the buyer is getting a home for much less than it’s comparable and banks are able to liquidate an asset. The website took its name from the investors who were coined "vulture capitalists" who picked up the pieces after the .com bust of early 2000. With many banks and financial institutions not organizationally prepared to store homes for a prolonged period of time they are motivated to do what it takes to get the property sold. The website which currently only contains properties both commercial and residential for sale in South Florida will be going national by the third quarter of 2008 and promises to give buyers, sellers and professional real-estate agents an integrated experience. "The states will be added slowly most of the focus will be on Florida, California and the states where traditional real-etate markets have softened" states Mr. Philipson. With regards to the name of the website vultureproperties.com, “when people hear the name, the first thing they do is chuckle, but when times are bad, sometimes a smile is what they need and the name definitely sticks” Mr. Philipson went on to say.
###


If you would like more information about this topic, or to schedule an interview with either Alan Philipson or Rossana Narvaez, please call or email Tara Pabalis at 786-399-0933 or pr@vultureproperties.com

foreclosures     realestate     repository     shortsales