Glenn Vereen, realestate agent in Naples, foreclosure reality TV show.

NAPLES —
In 2009, Glenn Vereen started off as a one-man show.

He began bidding at public foreclosure auctions held at the Collier County courthouse off U.S. 41 East. As the foreclosure crisis has grown, so has his business of buying, fixing up and selling troubled homes.

“It was just me,” he said, recalling the early days of starting his business. Much has changed since then.

“There are a lot more of me,” he said. “I’ve cloned myself.”

His business extends into Lee County and farther up the west coast into Sarasota. He now has investor partners and a portfolio of about 70 homes listed for sale, about to close, or getting fixed up. The prices range from $89,000 to $1.4 million. He has nearly 40 employees, most of them Realtors working as independent contractors.

“The whole thing has really blossomed,” Vereen said of his foreclosure business. “There are a lot more properties now. The properties are getting bigger.”

His growing business recently caught the eye of a New York film producer, who showed interest in including him in a possible TV series about “foreclosures in paradise,” he said.

Although the show isn’t on track to happen as of now, Vereen hired a local film company to follow him around and submitted a “sizzle reel,” or promotional video, at his own cost.

His film crew showed up at a recent foreclosure auction in Collier County, causing some buzz. Robert St. Cyr, director of outreach for the Clerk of Courts Office, explained to the unusually small crowd on that day what was going on.

“I just want to let you know they are here,” he said of the crew. “This is a public meeting. They have assured us they would do everything appropriate.”

Photo by LAURA LAYDEN

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Glenn Vereen, president of United Equities in Naples, stands with other investors and bidders at a public foreclosure auction held at the Collier County Courthouse earlier this year. His business of buying foreclosed homes and other distressed properties has grown, expanding up the west coast.

Jennifer DiLullo, a producer for Departure Films in New York, the creator of “Flip This House” for the AE network, confirmed that she called Vereen to ask about his business, but that’s as far as it has gone.

Jennifer DiLullo, a producer for Departure Films in New York, the creator of “Flip This House” for the AE network, confirmed that she called Vereen to ask about his business, but that’s as far as it has gone.

“We were doing some initial development research, but it hasn’t gone any further than that,” she said.

Vereen’s business of flipping isn’t without controversy. He and other investors in Southwest Florida have faced criticism for buying properties at rock-bottom prices and then reselling them for big profits. The mark-ups on some foreclosure homes can be more than 100 percent, but Vereen’s average is 20 percent and “getting slimmer,” he said.

Gene Sudol, a Realtor who specializes in bank foreclosures and short sales at Prudential Florida Realty in Naples, said he sees nothing wrong with what Vereen is doing. In fact, he said, he views it at as a good service for buyers. By fixing up the homes, Vereen makes them sound enough to get financing.

To purchase homes at public foreclosure auctions, buyers must pay cash. Most of Vereen’s buyers don’t have the money to do that.

Vereen doesn’t just buy homes at foreclosure auctions. He also buys homes from banks. Often, banks end up with the homes they foreclose on because they are the highest bidder at auctions, or the owners just hand lenders the deed to avoid foreclosure.

Vereen’s company – United Equities – also purchases short sales from struggling borrowers. In a short sale, a lender agrees to accept a price that is less than what’s owed on the mortgage, enabling the borrower to avoid foreclosure.

Some Realtors have complained that investors like Vereen are falsely advertising their homes as bank-owned foreclosures to entice bargain-hunting buyers.

“Some people have complained, but all we do is disclose that this property has been foreclosed upon,” he said. “In addition, we disclose the owner as a non-bank and never claim that one of our properties is bank-owned.”

In Golden Gate, Vereen has purchased three or four troubled homes on the same street, turning blight into beauty.

“I honestly think Golden Gate city should give us a beautification award,” he said.

For the owners that have lost their homes, Vereen said he does what he can to help them find a new place to live.

“We don’t throw people out of their houses,” he said. “We sit down and help them with their finances. We give them additional time to move out.”

In some cases, he’s given the former owners up to $1,000 to help them move, he said.

He has contractors on the ready to fix up homes. His company can help buyers find financing.

Last year, the company purchased 147 homes at foreclosure auctions. This year, Vereen expects to buy more.

In Collier County, there’s a lot more to buy than there was a year ago. On average, there are 60 properties auctioned off a day at the courthouse. Auctions generally are held three days a week, excluding holidays.

Vereen doesn’t expect his business to slow any time soon.

“We’ve got years to go on this thing,” he said of the foreclosure crisis.

Happy stories are coming out of the mess, as more people now can afford to buy homes in Southwest Florida.

“It’s kind of like the death has brought us to the funeral,” he said. “But now the funeral is getting past us and there’s some weddings and parties starting to happen here.”