Yes….we are! This is a service plan offered to banks to help them manage their recently increased portfolio of foreclosures. The services are bundled as an: evaluate, repair, and sell service. Even though the service is marketed to the banks, it is designed to essentially aid homeowners in purchasing affordable turn key homes. But we are different…
This is a pilotprogram that wascreated out ofnecessity by a groupof realtors andcontractors that sawthe need to resolvethe foreclosure crisis.
•Accurately assessing the banks portfolio of current real estate holdings•Determine what properties will positively/and or negatively affect thebank and eliminate the properties that are not logistically worth holding oTrading properties with other banks oSelling properties at short sale prices to eliminate further losses•Remaining properties will be carefully inspected and evaluated on howto frugally renovate and prepare them as “turn key” properties•Renovations that occur will be done by licensed contractors on a uniquepay scale which will effectively lower the initial cost to the banks(therefore more properties will qualify)•While the properties are being renovated, first time buyers will besimultaneously located so the property can be immediately occupiedafter the renovations are complete, reducing the number of vacanthomes•Unique loan program is set up so the bank has a “security deposit” if thebuyer defaults on the loan. If the buyer stays current on the payments,the money is theirs after 5 years.•After the successful closing of the property, contractors will be paid aswell as our company.
This pilot program willaccomplish many differentobjectives. It will decreasethe number of foreclosures. Itwill effectively provide workfor independent contractors.It will be a low cost initialinvestment to the bank. Itwill take houses out of theinvestment portfolio and backinto home ownership, whichis where a property belongs.Once this program establishesa reputation for its success, itcan be a model for otherfinancial institutions aroundthe country.
Mission StatementOur goal is to reduce thenumber of foreclosureproperties that are plaguing ourcommunities. We will providelending institutions with themeans to reduce the size oftheir foreclosure propertyportfolio. We do not claim toeliminate all of the foreclosuresin the future, but we will createa manageable number that thelending institution cansuccessfully manage withoutoutside interferences. We willstrive to do this at minimal costto the community, lendinginstitution and most of all, thenew homeowner.
Our VisionHome ownership has always been avital part of the American dream.Due to the boom and bust inhousing speculation, the public’sperception of a home has changed.They are now perceived as a riskyinvestment. Our goal of a companyis to not even view a house as aninvestment, but to view theproperty as a home. We want ahome to be considered a safehaven where a person can comehome and relax with their familyafter a hard day of work, have afamily dinner and settle in for arelaxing evening in “their” home.
Homes are being “returned” to banks in record numbers, the banking industry has been forced into a new business of managing real estate.
Another problem that thebanks are facing is theproperty is empty, whichmeans it is a more likelycandidate to fall into disrepair.Unlike other items, such ascars or electronics, a homeactually will increase in valuewhen it is used.
RE Assess RE Evaluate RE Pair RE Furbish RE Build RE Sell RE Cognize long, tough, road, ahead
first target market is obviously the banks or financial institutions competent, ethical contractors The buyer is another market that will be targeted the homes are carefully chosen
Sadly, there is a huge need for our service. The bank does not need to hire three salaried employees that expect benefits and three weeks of paid vacation Our goal is to perform so efficiently that we outlast the final stage of decline in the market lifecycle.
Once we gain even one account, the success of our team will promote itself. We want to be copied and emulated by other management teams. This program was created to jumpstart the economy for the realtors, the builders, the contractors, the banks, and everyone else that has been affected by the housing bubble.
Bottom line, how does everyone get paid? Instead of concentrating on how people are paid, let’s briefly look at all of the people that are not getting paid when a home is vacant and in foreclosure.
The city- no taxes, no garbage pickup Banks- no mortgage means less income Utilities-usually the utilities are shut off Smaller guys Hardware Store Cable Company Chemlawn…ok…who cares???? And so on… and so on… and so on…
This is the most groundbreaking aspect of the program. This will encourage banks to once again lend money “funded replacement reserves”
Strengths WeaknessesCreative solution(money) Convincing all parties to co-operate can be difficultTrading properties(creative again) Many homes still unaccounted forNew Loan System Do people have extra money for escrow?????
Opportunities ThreatsReach out and help many businesses No job in 3-4 years for our companyand members of the community GOOD!!!Help out the lending institution There better be enough money to pay everyone in the end. The bank is the last organization that will be paid in this endeavor and if they have to accept a short sale, than they must accept a short sale
We want this market to change. We can, if we work together. We can effectively put this country back together. We must remember that a house is not a commodity on Wall St., but it is a home, on our streets, in our communities, affecting our livesSo let’s work together toReclaim, Restore and Rebuild … for Real!
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