“It seemed like the fair thing to do,” said George Beardsley, President-Broker of Advanced, “someone taking advantage of low rental fee for a home in foreclosure now can move up to another home.”
Dunedin, FL (PRWEB) January 11, 2013
Advanced Realty Team, Inc. yesterday announced it would expand its “Thousand Dollar Move up Program” to rental homes it owns and manages in the Famous Foreclosure Rentals Program as well as homes in the Famous Rent to Own on Steroids Program™.
Previously Advanced had announced the end of the beta testing of renting homes that are in foreclosure with full disclosure to the tenants of the status of the legal action with the bank. Initially Advanced offered management and joint venture opportunities to investors who own rentals in foreclosure and recently has begun buying houses in foreclosure for its proprietary accounts.
“It just seemed like the fair thing to do,” said George Beardsley, President-Broker of Advanced, “for someone who is taking advantage of the low rental fee for a home that is in foreclosure to have the opportunity to move up to another one of our homes of their choosing.”
Although Advanced has never previously advertised that residents could move from one of the homes we own or manage to a bigger or more convenient home, it has offered the opportunity for years to residents in good standing.
“Pretty simple plan,” Beardsley said, “resident tells us they need more room or would rather be at another location and as soon as there is a vacancy or new home available we give our existing clients first choice and if they find it is not right we email video of the newly available home to the VIP Alert List and on the following day we begin general advertising.”
At the time of the move the resident pays $1,000 and begins to be responsible for the rent on the new unit. They then have a full week to move out of the old unit and pay no rent for the old home during that one-week period. They accept the new home as is and agree to leave the old home broom clean so that it too may be offered as is.
“We never advertised the program because we never knew if we would have an appropriate home at the right time,” Beardsley said. “We are pretty clear that if we do not have an appropriate home, this will not work and we found that as long as folks knew we could not guarantee what we would have in the future it worked pretty well.”
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 offered a below market rent and is told the home is in or may soon be in foreclosure and that 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.
“Under water” and “upside down” are terms to describe a home where the mortgage is larger than the current value of the home. They have been buying homes for two decades and initially bought to renovate and resell.
The housing market collapse shifted much of their operations to buying house for the purpose of renting, including the Famous Rent to Own and now the Foreclosure Rentals where they rent homes that are in foreclosure, fully disclosing the status of the home and that the owner –landlord is represented by an attorney in dealing with the bank.
“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 in Florida.”