Dunedin, FL (PRWEB) September 02, 2012
The United States Patent and Trademark Office has issued the Trade Mark “The Famous Rent to Own on Steroids Program,” to a Florida real estate broker-investor, his firm, Advanced Realty Team, Inc., announced today.
“We started getting awful aggressive when the market collapsed and experimented with a lot of ways to rent houses faster and for more money when the market collapse shut real estate sales down,” said George Beardsley, Advanced’s broker.
As the program developed, it was designed to make it possible for people who had lost a home or otherwise did not qualify for traditional financing and for people who did not have a large amount of cash, a spokesman said.
“Most rent to own programs give the tenant-buyer a few hundred dollars credit toward the purchase for each month of the lease period,” Beardsley said. “We said what if we gave them all the rent as down payment? If we really can sell that fast it will save mortgage interest while we wait for a buyer and we may not need to pay another real estate agent if this speeds up the process,” Beardsley said.
Even with the super credit, the problem remained in the current market a year will probably not be enough time for the tenant-buyer to clean up his credit and allow getting a conventional mortgage, the spokesman said.
“So we said, let’s take the houses we are getting in bad condition and grant a private mortgage if the buyer can take the house in current “as is” condition and maintain it for a year like they already own it and make 12 consecutive monthly payments on time.” Beardsley said.
“What we wound up with was as much like your normal rent to own or lease option as the Wright Brother’s air plane was to a modern aircraft,” the spokesman said. “Somewhere along the way, maybe after reading the sports page someone said this is the rent to own on Steroids,” Beardsley said.
“The word famous just seemed to fit and we applied for the Trade Mark,” Beardsley said.
“Obviously, there are more details and for any landlord or prospective home seller who is interested, George is willing to explain how we have developed this and he has even written a book on the Famous Rent to Own on Steroids Program™ which is available from Advanced, said the spokesman.