A new real estate reality show to be filmed in Phoenix...no I won't be in it.

I wrote a post back in March about my idea for a real estate reality show to be filmed in the Phoenix Metro Area. Get a team of cameras to follow buyers and sellers as they go through the thrill of victory and the agony of defeat.

Oh, I know.. there are already shows like this, but truly, there are very few markets like the Phoenix metro market where a year ago homes languished on the market for months and today, we're scrounging to find homes for our buyers as homes fly off the market in a just day or two with multiple offers more often than not.

Well, I just heard that Phoenix will be the setting for a new real estate reality show about one of the most competitive and heart-racing real estate activities I know of - bidding on foreclosure homes. The show will air on the Discovery Channel some time next year but will begin filming in the next few weeks at the Maricopa County Court House in downtown Phoenix.

Why will the show be entertaining? Well..there are some pretty colorful characters who attend these auctions (some of them are actually colorful real estate agents) and the bidding on the region's foreclosure homes is frenzied, which is why I am not one of the agents who participate.

The name of the show? "Betting on the House"...brilliant.

By the way...did you know bidders at auction must bring a certified check for $10,000 and a photo ID. If the bidder wins the bid, they must pay their winning bid amount the following day in CASH. Many of the buyers that call me to ask about bidding on foreclosures at the courthouse steps, don't realize they can't finance these purchases. But prices have been so low that there have been plenty of cash buyers ready to "cash in" on the deals.

I have one suggestion for the producers. YOU BETTER HURRY and get you show on the air since the market is changing and this particular "reality real estate show" will be pretty boring when the foreclosure market as we know it today...evaporates. We are already seeing such intense competition at the auction, that the prices are being driven up, making the deals not quite as smoking and driving some bidders out of the bidding.

The number of pending foreclosures in Maricopa County is down to 19,000, half of what it was two years ago and could be the writing on the wall that this show may run for just a season.

Not exactly the reality show I was thinking of, but I will tune in.