Dunedin, FL (PRWEB) December 15, 2012
Advanced Realty Team, Inc., yesterday announced that it will begin buying estate homes that are in or may soon be in foreclosure.
“The real estate market is so distorted, distended and disturbed that we have changed the way that we do business in order to keep up the constant changes,” said George Beardsley, President-Broker of Advanced Realty.
The new program is designed as a service for heirs where the property owned by the deceased has a mortgage that is equal to or greater in value than the house.
“This is a real issue here in Florida because our Sunshine attracts large number of retirees,” Beardsley said, “and the mortgage environment of a few years ago encouraged many of those folks to refinance their house leaving them now with large mortgages and homes now worth half the amount of the appraisals performed in order to get their mortgages.”
“Like so much of what we know about real estate, we learned about this the hard way,” Beardsley said.
“We had sold a home to a man from Massachusetts and carried the financing for the home in a mortgage and note,” he said. “Everything was fine until one day we got a call from his daughter who said he was in the hospital, and would undergo surgery the following day. Two months later he passed away.”
When he passed away the balance of the mortgage was greater than the value of the home and no one in his family wanted to take on a losing proposition for a home they never envisioned living in. They had made mortgage payments when it was expected he would recover, but after his death the daughter called, said they did not want to continue making payments on a home they would never occupy and did not want to accept the debt.
“His family cooperated with us, we paid all legal and other fees and eventually the house was returned to our name.” Beardsley said.
“I like to look at stumbling blocks as stepping stones, but honestly when I was writing checks to get a house that was worth less than the mortgage I had, it never occurred to me that a few tweaks in this could be a new business model,” he said.
“We are now looking for heirs who want to get rid of an estate home that has no value in the Tampa Bay area and of course all homes will not qualify, but there will be some cases that we can make win-win, since we will be paying cash for the property and paying all fees and expenses,” Beardsley said,
Advanced Realty Team is a small, Dunedin, FL based real estate brokerage firm that has specialized in creative real estate and almost exclusively buys and sells for the principals of the firm.
Recently Advanced announced that it would buy homes from people who were under water with their mortgage and are continuing to look for creative answers to current real estate problems.
“We buy houses, estate homes, for sale by owners, rentals fast and turn them into affordable housing,” Beardsley said. “We buy any price range and almost any condition,” he said.
Some Homeowners select to sell their property fast, including those who have been transferred, are in the process of divorce and without paying a real estate commission by selling to firms like Advanced.
And when Advanced is acting as a principal they do not charge a real estate commission. In addition out of state property owners will frequently sell fast with former winter homes or estate homes, which can frequently be sold totally by mail.
“If you live in Chicago, as I used to, and you need to sell a house in Florida,” Beardsley said, “we are the people who buy houses