Dunedin, FL 34698 (PRWEB) January 30, 2013
Advanced Realty Team, inc, yesterday announced it has begun Beta testing a new program to buy homes in deed restricted neighborhoods limited to the 55 plus market.
Advanced has been buying homes fast as is in Tampa Bay for two decades but never in the senior market until now, the company said.
"We have always looked at the numbers and the 55 Plus Market looked like too small a universe for us to operate in," said George Beardsley, Broker-President of Advanced.
"But, lately we have have had a number of homes offered to us in this sector and we decided to take a closer look," Beardsley said. "We eventually came to the realization that this is Florida and the over 55 market is huge. So we are trying it out," he said.
Beardsley holds the US Patent and Trade Mark office's Trade Mark for the "Famous Rent to Own on Steroids Program," which has been used to provide affordable housing, the company said.
"It was always our thought that people over 55 would need no help in getting a mortgage to buy a home once then landed in the Sunshine State," Beardsley said, so why would they want a rent to own program that lets you buy a home even if you have no credit and no down payment?"
"And all of a sudden the banks act like making a loan to anyone is immoral, fattening, or against the laws of God, so we decided to take another look," Beardsley said.
Famous Rent to Own on Steroids allows a buyer with little or no credit and no down payment to own a home in as little as a year. All money paid in the entire first year becomed the down payment and the prospective buyer can "earn" a mortgage by making 12 consecutive monthly rental payments on time and maintaining the home as though they owned it already," the compay said.
"With the current banking restrictions this may be of interest to the senior market," Beardsley said. "We are going to find out and if we can help we will."
The first home bought under Beta testing is a 2,200 square-foot home in a golf club community in the Tampa Bay area that backs to one of the fairways and Advanced believes it can be marketed for under $49,900, the company said.
"If we are wrong, we could move there," Beardsley said, "conceding that he is over 55." "However these restrictions only require one person to be over 55, so Maryan's age is still a secret," he quipped.
Advanced Realty is a small boutique real estate brokerage firm that offers a service to people who want to sell a house in seven days by buying the house from them and then offering affordable housing with rental or rental to own programs.
Advanced was founded in the early nineties by Maryan and George Beardsley, two stock brokers who had learned about creative ways to sell real estate when they bought a home in the path of plans to build a garbage burning incinerator.
They moved from Boca Raton, where the house was located, leaving the home unsold and vacant. Their Realtor suggested creative financing and after selling that house at top dollar when other houses in the subdivision were not selling, they decided to leave stocks and bonds for houses.
Advanced can buy houses for all cash, but is able to pay a higher price if the seller is willing to carry some of the financing to facilitate speed in closing and a higher sales price. The company has a number of programs to accomplish this sale and then offers the houses as affordable housing.