Dunedin, FL (PRWEB) October 05, 2012
Advanced Realty Team announced yesterday it has launched a new rental program and will be renting homes in foreclosure at bargain prices.
“There are both large numbers of homes in foreclosure and people who need affordable housing,” said George Beardsley, Broker-President of Advanced, a Dunedin, and FL real estate brokerage and investment firm.
“The real estate is there, the need is there and homes occupied are better cared for than vacant homes,” Beardsley said. “This can be a win-win for everyone involved.”
“And a lot of homes in foreclosure are being rented already and the folks living in the house do not know about the legal action until the day the bank knocks on the door to deliver documents,” he said.
“There is nothing wrong or immoral about living in a home with a pending legal action so long as the tenant knows and is being compensated for the inconvenience and risk,” he said.
Advanced announced last week it would begin buying homes in foreclosure shortly after Blackstone Group L.P., the New York alternative investment firm was announced to be interested in buying houses in the Tampa Bay area to be used as rentals.
“Advanced has rented houses for clients where the house was in foreclosure and we are expanding on that by buying houses in foreclosure to be used as rentals,” Beardsley said.
The firm will be making a total disclosure the house is in or about to be in a foreclosure action and is reducing the rent to compensate the tenant for the aggravation of dealing with messages being delivered to the tenants by the bank and to further compensate the tenants for the risk the occupancy may not be as long as planned.
“Florida is a judicial foreclosure state,” Beardsley said “which means tenants will not be ‘out on the street’ without notice.” “By following the legal proceedings you have a timetable of potential action and in the houses bought under the program, there will be legal representation for foreclosure defense and we have the intention of working out a mortgage modification with the bank if at all possible, Beardsley said.
“While we will be tracking the legal action there is no way of determining with 100 per certainty how legal actions will go, so the occupants will be informed of the risk and compensated for taking a risk that we believe is significantly less than most people expect,” Beardsley said.
Advanced Realty Team, a real estate brokerage firm, functions primarily as an investment firm, buying houses for resale and rental. Beardsley holds the Trade Mark from the United States Patent and Trade Mark Office for the “Famous Rent to Own on Steroids” program, a lease option program that turns all rent paid in the first year into a down payment.
The Famous Rent to Own on Steroids program will provide for financing and hold a mortgage for tenants who make all payments on time for 12 consecutive months and maintain the home as if they own it already. Credit doesn’t matter, Beardsley said, it is a chance for someone who has had bad things happen to own a home again far sooner than the bank would have allowed.