“So a home needing some renovation and being worth half the mortgage value could still be a candidate for the Cash for Keys Program,"
Dunedin, FL (PRWEB) May 09, 2013
Advanced Realty Team, Inc. yesterday announced it has begun a “Cash for Keys” Program as a service for people who want to sell a house fast when it is in foreclosure, under water and do not want to pay a real estate commission.
“We really backed into this market,” said George Beardsley, Broker-President of Advanced. “We started renting houses in or about to be in foreclosure for clients.”
“And the more we learned, the more active we became in the foreclosure market,” he said.
Advanced was quite clear that all homes in foreclosure will not qualify. And the same goes for under water houses. “Under water” is a term used to indicate the value of the home is less than the balance of the mortgage, the firm said.
Advanced recently purchased a home worth about $60,000 in after repaired value with a mortgage balance of about $110,000.
“And let me assure you,” Beardsley said, “This home was a long way from being ‘after repaired.’ “We have invested nearly $10,000 getting it to the point where we could offer it as an “as is” rental at below rental market rates.”
“So a home needing some renovation and being worth half the mortgage value could still be a candidate for the Cash for Keys Program," he said.
While the name “Cash for Keys” may sound like a transaction in a back alley, Beardsley stressed every sale will be closed by a board certified real estate attorney and the buyer pays all of the costs of closing the sale of the property.
Advanced said it will not attempt to list what houses will be eligible because there are so many variables, but did say that every house offered will be fully evaluated and even if Advanced is not going to buy the home, they will provide consultation at no cost to the seller.
Advanced Realty Team is a small boutique real estate brokerage firm in Dunedin, Fl founded by two former stock brokers, Maryan and George Beardsley, two decades ago. Their specialty is creative real estate transactions.
Maryan and George Beardsley entered the real estate business after a bad real estate experience in 1987 in Boca Raton, FL. The home they bought turned out to be a mile away from the site of a planned garbage-burning incinerator. It was impossible to sell their house in Boca when they decided to move back to Pinellas county Florida to start a commodity brokerage business.
One day their Realtor in Boca Raton brought a buyer who wanted the seller to finance the sale of the property.
“We were terrified of the thought of holding a mortgage,” Beardsley said. “But we thought the risk of not selling was greater than the risk of selling and holding a mortgage,” he said.
“It worked out well and I finally realized that we had sold a home at top market prices when no homes in the subdivision were selling and we collected about year of interest before they got their credit in shape and refinanced,” he said.
At that time the Beardsleys changed careers and have been buying houses fast from folks in Tampa Bay for two decades.
Originally they would buy homes to renovate and resell. The collapse of the real estate market forced them to shift to buying homes and creating affordable rental housing.
Beardsley also said that while the closing is done by an attorney, the seller does not need to come to Florida to sell their house.
“We will buy a house for cash from someone living in Kansas City, Detroit or Chicago and they never need to leave home,” he said.
“We will buy the home as is and with all the stuff in it the seller does not want to keep,’ he said. “And we will cart the contents to the dump, give it away or sell it on EBay.”