We are hoping to find more homeowners in Texas with equity in their homes, who have just fallen a little behind but want to avoid foreclosure and stay in the home. We want to buy their home, rent it back to them, and sell back to them in the future.
(PRWEB) March 29, 2016
HomeRock manager Aaron Amuchastegui is pleased to announce the company’s unique home purchasing and rent back campaign currently focused in the Central Texas area. The campaign, led by Amuchastegui and co-manager J.J. Mueller, involves helping the community by creating a buy/rent back program for homeowners who have fallen behind on their payments or are on the verge of foreclosure. HomeRock would purchase the home from its current owner(s), rent it back to them (enabling them to remain in the home) and then allow them to re-purchase the home in the future.
“Our goal is to purchase a qualifying home at a slight discount to the current market value, then the previous owner will enter into a rental agreement as a tenant,” Amuchastegui said. “The rental rate is determined by market rent for the neighborhood, and sometimes it may be higher or lower than their original mortgage payment. But as a tenant, they are no longer responsible for bills like property taxes, and home maintenance expenses like roof replacements or major plumbing repairs like replacing a hot water heater.”
For the past seven years, HomeRock has been buying distressed real estate, fixing up the homes and re-selling them on the open market. The company made the homes like new again, but provided a discount compared to brand new homes. “This strategy was very successful, but as prices have increased dramatically in many areas, we have found many homeowners with equity in their homes but, for whatever reason, are just a little behind in payments,” Amuchastegui said. “We wanted to create a new program that could help them re-position their finances, get them back on their feet, and allow them to re-purchase the home in the future.”
Amuchastegui says HomeRock’s campaign was inspired by a trend that started a few years ago, when many large investment funds started focusing on buying homes and pooling them together as rentals instead of just a standard buy-and-sell opportunity. Some of them even started the idea of buy/rent back funds.
“We are very excited about being able to offer this buy and rent back service to the communities in Central Texas,” Amuchastegui said. “This plan goes beyond simply buying, fixing and selling properties. This is about providing a much-needed service that helps families and communities. It’s a service that can save people from foreclosure and losing their homes forever.”
This buy/rent back service doesn’t only help the current occupants of the home – it helps the community and neighborhood as well. “This service can improve a neighborhood’s stability and home values, and prevent an increase in crime that can occur when there are additional vacancies. It’s a win-win for everyone,” Amuchastegui said.
Just this past month, HomeRock had a couple of success stories that resulted in two homeowners (who were nearing foreclosure) who were able to sell a house fast in Texas – one in the military town of Killeen, the other in the booming city of Austin. The prior owners were able to stay in the homes and rent instead of moving out after a foreclosure.
"We are hoping to find more homeowners in Texas with equity in their homes, who have just fallen a little behind but want to avoid foreclosure and stay in the home. We want to buy their home, rent it back to them, and sell back to them in the future," Amuchastegui said.
The tenant can decide if they want to stay a renter for the foreseeable future, or if they only want to rent temporarily. “If they do decide to re-purchase the home in the future, we plan to follow the same methods of determining a slight discount to the current market value at the time, assuming the home prices have stayed the same, or even increased,” Amuchastegui said. He noted that there some applicants that the program may not work for, which can be determined during the application review process.
“If you have equity in your home, and you want to rent it and continue living in it instead of having the obligations of being an owner, we want to talk to you,” Amuchastegui said. HomeRock will review what is owed on the home, what the value is, and what the market rent values are. Interested homeowners in Central Texas area can submit an offer request on HomeRock’s website at http://www.homerock.com, or send an inquiry directly to Aaron Amuchastegui via e-mail at aaron(at)homerock(dot)com.
HomeRock, located in Incline Village, NV with service sites in Sacramento and Texas, began work with distressed real estate assets in 2009. After the housing market crashed, business practices shifted to the attainment of vacant, foreclosed properties and their rehabilitation into marketable homes. HomeRock's success has driven its growth over the past four years towards a national scope with a more diverse market. HomeRock not only raises the value of a neighborhood, provides new homeowners with a quality product, rejuvenates the housing market and promotes the nation's economic growth, it also delivers consistent, rock-solid returns to its investors. For more information, visit http://www.homerock.com.
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