Orlando Real Estate News

The U.S. Senate is considering a bill that would inexcusably infringe on the property rights of all Americans.

 http://www.govtrack.us/congress/bill.xpd?bill=h111-1728

 HR 1728 can be viewed in its entirety by clicking on the link above...in short here is what is says...

 You are not subject to the law as long as you DON'T sell more than 1 property with owner financing every 3 years! Or, to put it another way, you ARE subject to the limitations of the law if you DO sell more than 1 property every 3 years via land contract, owner-held mortgage or wrap-around mortgages, contract for deeds, and who knows if they will define LEASE OPTIONS OR LEASE PURCHASES as owner financing, too?

 What does it mean to be "Subject to the Law"?  Well, at the very least, it means that you will have to comply with a long, confusing, and penalty-filled piece of national legislation. Here are the types of transactions that YOU WILL BE RESTRICED from doing more than once every 36 months.

* Selling YOUR OWN HOME using a land contract or owner-held mortgage.

* Carrying back owner-held second mortgages on properties that you sell.

* Doing any type of installment sale on residential properties including homes, condos, mobile homes, and vacant raw land that is zoned residential.

Congress is trying to regulate the wrong thing. The deals/transactions property owners are making don't involve the transfer of money, or points, closing costs or adjustable rates or any of the other things that caused the mortgage crisis to begin with.  They are INSTALLMENT SALES.  Property owners don't give money to the "borrower" and wait to be paid back: they give a property to the borrower and wait for it to be paid off. Regulating this will have no effect on the foreclosure crisis.

 This is an unacceptable infringement on private property rights as guaranteed by the U.S. CONSTITUTION. If I own a piece of property and find a ready, willing, and able purchaser, I should be able to control the sale of that property within the existing laws of my state, which already regulates the interest rate I am able to charge and some of the terms of the sale. 

 The millions of Americans who have been through foreclosure in the last 3 years can't buy a house in any other way OTHER THAN to negotiate owner financing with the sellers and HR 1728 will greatly reduce the number of properties available in this way.  Millions of potential homeowners who would otherwise be able to re-start the process of paying off a home, and get the tax advantages of ownership, will be reduced to renting until they are able to qualify for bank financing.

I don't know about you but that was the plan for my golden years. Acquiring real estate and then selling it off, as I see fit, creating an income for myself to retire on. And as Realtor who has been very active in preventing property owners from being foreclosed on and the individual that has not the slightest hope of home ownership without the property owners' cooperation I have helped them from both becoming added statistics you see on the news every night.  And I find the financing between buyers and sellers much less complicated, straight up and easier to understand.  No one should be signing anything they don't understand no matter who writes the contracts.  We don't need government for this, that's why we have Real Estate Agents, Real Estate Attorneys and CPA's.

The bill MUST NOT PASS in its current form. Please contact your senators by email or snail mail. 

http://www.senate.gov/general/contact_information/senators_cfm.cfm

For information on great real estate buys in Orlando and nearby suburbs,
contact the Orlando Property Group, your short sale and luxury home specialists.

Or Search Now for Real Estate & Homes in the Orlando Florida Area

Looking for specific information regarding Orlando Florida real estate prices and communities? Get Your Free Market Snapshot

Read Also: Bernanke: Economy on Pace for '09 Turnaround

Read Also: Orlando Parade of Homes

Read Also: Florida's Home Sales Increase First Quarter 2009

Read Also: Million Dollar Homes at Half Price

If you want to sell your Seminole County or Orlando area home in the next 6 to12 months, now is the time to begin putting your plan into place while time is still on your side. Please contact us for any real estate assistance you may need.

We're experts at putting people together with homes they love and can afford. Contact us today for information on Orlando and Seminole County real estate, Orlando & Seminole County homes for sale, Orlando & Seminole County relocation information, a free market analysis of your Orlando area or Seminole County home or statistics on homes in Orlando & Seminole County Florida or the surrounding Central Florida area, including Seminole County, Orange County, Lake County and Volusia County. We're always available to answer your questions.

Related Posts