We hope to find more homeowners in Texas with equity in their homes who have just fallen behind but want to avoid foreclosure and stay in the home. We want to buy their house, rent it to them and sell it to them in the future.
March 29, 2016
HomeRock director Aaron Amuchastegui is pleased to announce the purchase of the company’s unique home and re-rent campaign currently focused on the central Texas region. The campaign, led by Amuchastegui and co-manager JJ Mueller, is to help the community by creating a buy-back / relocation program for homeowners who have fallen behind on their payments or are about to be foreclosed. . HomeRock would buy the house from its current owners, rent it to them (allowing them to stay in the house) and then allow them to buy the house back in the future.
âOur goal is to buy a qualifying home at a slight discount from the current market value and then the previous owner will enter into a rental agreement as a tenant,â Amuchastegui said. âThe rental rate is determined by the market rent for the neighborhood, and sometimes it can be higher or lower than their initial mortgage payment. But as a tenant, they are no longer responsible for bills like property taxes and home maintenance expenses like replacing the roof or major plumbing repairs like replacing a water heater.
For the past seven years, HomeRock has bought distressed real estate, repairing homes and reselling them on the open market. The company returned the homes to like new, but offered a discount over the new homes. “This strategy has been very successful, but as prices have risen 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.” , said Amuchastegui. “We wanted to create a new program that could help them reposition their finances, get them back on their feet, and allow them to buy the house in the future.”
Amuchastegui says HomeRock’s campaign was inspired by a trend that started a few years ago, when many large investment funds began to focus on buying homes and bundling them as rentals in the country. instead of a simple standard buy and sell opportunity. Some of them even launched the idea of ââfund redemption.
âWe are very happy to be able to offer this purchase and re-rent service to the communities of central Texas, âsaid Amuchastegui. âThis plan goes beyond the simple purchase, repair and sale of properties. It is about providing an essential service that helps families and communities. It is a service that can save people from foreclosure and the loss of their homes forever.
This buy-back / relocation service not only helps the current occupants of the house, it also helps the community and neighborhood. âThis service can improve a neighborhood’s stability and home values, and prevent an increase in crime that can occur when there is additional housing. It’s a win-win for everyone, âsaid Amuchastegui.
Just last month, HomeRock had some success stories that saw two owners (who were on the verge of closing) 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 previous owners could stay in the houses and rent instead of moving out after a foreclosure.
“We’re hoping to find more homeowners in Texas with equity in their homes, who just fell behind but want to avoid foreclosure and stay in the home. We want to buy their home, rent it to them, and sell it to them. in the future, âAmuchastegui said.
The tenant can decide whether they want to stay a tenant for the foreseeable future or whether they want to rent only temporarily. âIf they decide to buy back the house in the future, we plan to follow the same methods to determine a slight discount from the current market value at the time, assuming house prices have stayed the same, or even increased. Said Amuchastegui. He noted that there are some applicants for whom the program may not work, which can be determined during the application review process.
âIf you have equity in your home and want to rent it out and continue living in it instead of having the obligations of owning a home, we want to talk to you,â Amuchastegui said. HomeRock will look at what is owed on the home, its value and the market rental values. Interested owners in the Central Texas area can submit a request for quotation on the HomeRock website at http://www.homerock.com, or send a request directly to Aaron Amuchastegui by email at aaron (at) homerock (dot) com.
HomeRock, located in Incline Village, NV with service sites in Sacramento and Texas, began working with distressed real estate assets in 2009. After the housing market collapsed, business practices shifted towards achieving vacant and foreclosed properties and their rehabilitation into marketable homes. HomeRock’s success has driven its growth over the past four years to national reach with a more diverse market. HomeRock not only increases the value of a neighborhood, gives new homeowners a quality product, rejuvenates the housing market and promotes the country’s economic growth, it also delivers consistent and solid returns to its investors. For more information visit http://www.homerock.com.
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