Dunedin, FL (PRWEB) September 26, 2012
Homeowners who need to sell fast will now be able to even if their house is under water (over financed), in or about to be in foreclosure, according to a new program announced yesterday Advanced Realty Team, a Dunedin, FL real estate investment firm.
The new program announced yesterday by Advanced Realty Team, Inc., a small real estate investment boutique, followed news Blackstone Group L.P., a New York alternative investment firm, would be buying a billion dollars worth of houses in the Tampa Bay area.
“The main similarity is both of us plan to use the houses to provide rentals for some period of time,” said George Beardsley, Broker-President of Advanced.
“Blackstone is huge and we are ‘mom and pop’ real estate investment firm,” he said. “While follow up stories indicate the one billion dollar budget was overstated, we are looking only to buy two or three houses a month.”
Press reports said Blackstone could act quickly and Beardsley said his firm had been buying houses fast for two decades and sometimes able to close the transaction with in a week or less, "but while we used to buy houses to save the home owner from foreclosure, we are now looking to buy further down the time line.".
Advanced has been buying single family houses with the plan of making them rentals during much of the market collapse and recently announced they were expanding into the purchase of houses were over financed, or as it is sometimes called “under water.”
This announcement indicates expanding efforts to include houses that are already in foreclosure or houses headed for foreclosure.
“Obviously this is a risky part of the market,” Beardsley said. “Clearly there is a need to try to determine there is sufficient time before the foreclosure auction and a chance to come to some sort of an agreement with the lender.”
Beardsley said houses of any price and any location in Tampa Bay will be considered.
Blackstone reportedly was only looking for homes between $100,000 and $175,000.
“In this case, the condition of the house does matter and only homes already in rentable condition or can cheaply be rentable are candidates for the new program,” he said.
Advanced Realty Team, Inc. is a creative real estate brokerage firm founded in the mid nineties by George and Maryan Beardsley, former stock brokers who got into real estate by accident when they sold a home in Boca Raton in a neighborhood where it had been announced that a garbage burning incinerator was to be constructed. In the early years, Advanced was a brokerage company that mostly represented buyers who needed owner financing.
“We still serve the same market, but today we go out and buy the houses and then rent or rent to own,” Beardsley said.