Advanced Realty Announced Beta Testing of a Lay Away Plan for Rent to Own Homes
Advanced Realty is trying to improve on its Famous Rent to Own on Steroids Program by offering a plan to phase into some of the homes requiring a larger payment for option premium. It's a combination of the old Lay Away programs that retailers used to use and are once again starting to bring back and the Famous Rental Program.
Dunedin, FL (PRWEB) November 03, 2012
Advanced Realty Team yesterday announced it has begun beta testing the Lay Away Add On for the Famous Rent to Own on Steroids Program™ to enable more former and would be home owners to realize the American Dream.
Advanced, a Dunedin, Fl-based boutique real estate brokerage firm, came up with the idea of a rent to own program where all rent paid in the entire first year becomes the down payment to buy a home and coupled it with a seller finance provision not based on credit and received the United States Patent and Trade Mark Office's Trademark for the program.
But even the Famous Rent to Own Program requires a larger amount of cash deposit than many people who would like to be home owners have today in the current economic crisis. A home that would sell for $100,000 would normally requite an initial deposit of $3,000 to $5,000 for option premium. While a home like that would normally rent for something like $1,000 a month, many today have a hard time coming up with more than a couple of thousand dollars for move-in money.
Advanced had previously started dealing with this situation by creating a Plan A and Plan B, where Plan A would require the entire $3,000 to $5,000 up front and Plan B would only require $2,000 up front with the opportunity to pay the balance at any time during the first year of the rental phase.
With the Lay Away Add On now in Beta testing, an aspiring home owner can rent for the first year with an initial deposit of $2,000, to use the example above, and pay an additional $300 a month for the first 10 months. At that time, they may convert to the Famous Rent to Own on Steroids Program and they will get an additional credit at that time equal to the amount of extra payments they have made.
“The politicians that have criticized the efforts to make more people homeowners have simply been swept up in election year rhetoric,” said George Beardsley, President-Broker of Advanced.
“Of course there are people who, based on their own actions, do not deserve home ownership,” he said, “but home ownership is a staple of the American way and the path should be open to those that want and deserve and out program gives people a way to show desire and determination.”
“In addition the matching grants give a motivation to keep up the month-to-month effort to qualify and every good program should require performance and rewards for that performance,” he said. “We do not know if this will work or if it will even be attractive,” he said, “but it seems like the kind of idea someone should take a chance on and so far, that's us.”
Advanced is a small 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.
“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.”
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.
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