Dunedin, FL (PRWEB) April 26, 2013
Advanced Realty Team, Inc. yesterday announced it will begin transferring all earned credits for persons in the Famous Foreclosure Rentals program when they move to the Famous Rent to Own on Steroids Program.
Advanced developed the Rent to Own on Steroids Program where all rent paid in the entire first year becomes the down payment and the tenant-buyer can earn a mortgage based on what they do for the next 12 consecutive months, not credit score.
Famous Foreclosure Rentals is a much newer program, in which the rental home is in or about to be in foreclosure, while the owner seeks a mortgage modification, and is offered at below market rent to compensate the renter for inconvenience and uncertainty.
Many participants in the foreclosure program are waiting for the right home to be available in the rent to own program. Advanced has already announced foreclosure renters may move up at no cost. Now they will also be able to take their monthly rent credits with them.
We believe when the real estate market returns to normal the foreclosure rental program will probably become less important as foreclosure represent a smaller portion of the market and conditions change, said George Beardsley, President-Broker of Advanced.
In the meantime we are working on how many ways we can make the program even more attractive, he said. There is inconvenience and risk in the program, in exchange for the below market price, he said. And we want to find all the ways we can to compensate for the negatives.
Advanced has been renting homes in foreclosure for some time and more recently has begun to buy houses in foreclosure and with loan balances higher than current values of the home.
I am not an attorney, Beardsley said, but we have been working closely with a board certified real estate attorney during the entire program and believe the program will continue to be viable as long as there are no new factors introduced.
In Florida, a home owner continues to own his home and can do with it as he wishes until a judge says the house belongs to another person, he said. The owner must also disclose any factor not readily apparent that would affect value when selling a home, Beardsley said. We do the same for rentals and suggest prospective renters get legal advice if they wish.
As long as this is the law in Florida, the homeowner can sell or rent his house in foreclosure, so long as he discloses the risk to prospective renters, Beardsley said. Providing the discount and as many benefits as possible is only right, he said.
Advanced is a small Dunedin, FL-based boutique real estate brokerage firm specializing in buying houses fast and in the current market Advanced even has program for buying homes that are over financed, under water and even in some cases they will buy houses in foreclosure and over financed.
These homes usually become part of the Famous Foreclosure Rental Program where the resident is offered below market rent and is told the home is in or may soon be in foreclosure and Advanced or the client it represents will use the services of a board-certified real estate attorney to defend a foreclosure action should there be one.
Collapse in the housing market switched their operations to buying house for the purpose of renting, including the Famous Rent to Own on Steroids and now the Foreclosure Rentals.
We buy houses, estate homes, for sale by owners and rentals fast and turn them into affordable housing, Beardsley said. We buy any price range and almost any condition, he said.
If you live in Albany, Fond du Lac, Des Moines, Bangor –or Chicago, as I used to, and you need to sell a house in Florida, Beardsley said, we are the people who buy houses in Florida.