Seizing an Opportunity: Housing Slump Whets Investors’ Appetite in Resale of Foreclosures

Most CEOs entered 2011 hoping the economy will soon fire on all cylinders. For one business chief, however, mortgage delinquencies and tight credit standards are a dream come true.

Sean Whalen is the CEO of Property23, an Orem-based startup that has successfully capitalized on the recent real estate meltdown, seeking out foreclosure properties across the country and prepping them for resale. Most of its clients are fellow investors who are hoping to rent or resell at double-digit profit when the recovery gathers steam. Since it was founded in 2008, the company has bought and sold no less than 4,000 properties and currently employs more than 100 people.

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