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Realbaywealth.com's Latest NEWS: How the Private-Sector May Help Solve America’s Subprime Woes
Ethical foreclosure investing is America’s most viable option for solving the nation’s sub-prime woes in the absence of any meaningful government intervention, according to Michael Patrick Rooney, a foreclosure attorney, real estate broker, and financial analyst in San Francisco California.
SAN FRANCISCO, CA March 29,2008 -- A recent trend in the real estate market is private amateur pre-foreclosure investing. “Pre-foreclosures” are properties in default which haven't yet been served with a notice of trustee’s sale. The transactions benefit both the defaulting owner and the buyer, and thereby have created a private sector solution to the sub-prime foreclosure meltdown.
Historically, foreclosure buying has been something taught by shiesty infomercials on late night TV. In the modern economic climate, it’s now not only seen as legitimate, but may also be America’s only chance to recover from the mortgage crisis.
The benefits of private amateur foreclosure purchasing to the seller are that : 1) investors usually will not only cure the default, but also give the seller money to relocate and start over with. This amount is totally negotiable. 2) When the default is cured, it will prevent a credit disaster for the seller, and shorten the rehabilitation time before they are ready to buy again.
The benefits of private amateur foreclosure purchasing to the buyer are: 1) getting a home or an investment property at a great price, 2) helping the seller out of a bind, and 3) getting the advantage of a really great market position chock full of future equity potential.
The the several billion dollar impact of the meltdown can be better absorbed by individuals in aggregate, than it can be by Congress, as long as the numbers add up for the parties on both sides of the transaction. For sellers, this means that they can walk away debt free and with cash in hand, and for buyers, it means that they save at least 20% off of market price and avoid paying a REALTOR®’s 6% commission.
“As the owning market declines, the rental market heats up. The situation creates a perfect storm for homeowners with equity, who would like to buy a second home for rental purposes, while prices are low, and enjoy the benefits of building equity in two homes over time rather than just in their primary residence. The irrational reaction of buyers is that prices are dropping and so they aren’t going to buy. But the logal investment decision says, ‘wait a minute’ – when the prices drop below the trend line, it’s always a good deal, no matter what happens in the immediate future.” According to financial analyst and real estate expert Michael Patrick Rooney.
** Consult with a professional CPA before making any financial decisions, and hire an attorney if you are either facing foreclosure, or seeking to purchase a property in foreclosure. **
Mr. Rooney admonishes buyers to beware: “Potential investors should be aware that in California, a real estate agent cannot help you to purchase a pre-foreclosure if the property is a 1-4 unit residential property and the primary residence of the owner under the Home Equity Sales Contract Act. If a licensee offers to represent you, then its someone who is obviously not aware of the law.”
Mr. Rooney also teaches a California DRE approved consumer protection course called “Foreclosure Fictions and Facts” to educate licensees about foreclosure laws and how to avoid potential lawsuits.
For additional information, contact Michael Rooney or visit: http://mikerooneylaw.com/default.aspx.
About Michael Rooney:
Michael Rooney is a San Francisco REALTOR(R) specializing in residential transactions, first-time home buyers, and investment properties.
Contact:
Michael Rooney
T (415) 533-0282 | F (415) 704-3321
Website: http://realbaywealth.com
Email: Mike@realbaywealth.com
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01/16/2008:
FOR IMMEDIATE RELEASE: Zephyr Real Estate and Guaranteed Mortgages, LLC's free informational seminar Facing Foreclosure is pleased to announce its two upcoming seminar dates. Facing Foreclosure will be presented at the San Francisco Public Library Excelsior Branch on February 16, 2008, and at the San Francisco Public Library Main Branch on March 1, 2008. Seating is free, but space is limited. For more information and to reserve a seat, visit www.facingforeclosuresf.com.
01/09/2008: FOR IMMEDIATE RELEASE: Facing Foreclosure? San Francisco, California - January 9, 2008 - Zephyr Real Estate agents Michelle Stephens, Jenny Hunt, and Michael Rooney, along with Guaranteed Homes, LLC's Jose Monar are proud to announce their upcoming free seminar for distressed homeowners. The seminar will take place at the San Francisco Public Library's Excelsior Branch, at 4400 Mission Street, San Francisco, CA 94112, on January 16, 2008 from 2:00 p.m. - 3:30 p.m.. The seminar will address the subprime foreclosure boom and hopes to better equip potentially defaulting homeowners to deal with payment shock and the threat of losing their homes. Topics to include: history of the current foreclosure boom, ten options besides foreclosure, the most important rules to follow when facing foreclosure, and more. There is no cost of admission, though space is limited. For more information, call: 415.824.7200 x131, or visit: http://www.facingforeclosuresf.com Michael Rooney, Esq., Broker MichaelRooney@zephyrsf.com 2523 California Street San Francisco, CA 94115 Ph: (415) 533-0282
http://www.realbaywealth.com ###
12/3/2007: FOR IMMEDIATE RELEASE: Facing Foreclosure? San Francisco, California - December 3, 2007 - Zephyr Real Estate agents Michelle Stephens, Jenny Hunt, and Michael Rooney, along with Guaranteed Homes, LLC's Jose Monar are proud to annouce their upcoming free seminar for distressed homeowners. The seminar will take place at the San Francisco Public Library's Bayview Branch, at 5075 3rd Street, San Francisco, CA 94124, on December 15, 2007 from 1:00 p.m. - 2:30 p.m.. The seminar will address the subprime foreclosure boom and hopes to better equip potentially defaulting homeowners to deal with payment shock and the threat of losing their homes. Topics to include: history of the current foreclosure boom, ten options besides foreclosure, the most important rules to follow when facing foreclosure, and more. There is no cost of admission, though space is limited. For more information, call: 415.824.7200 x131, or visit: http://www.facingforeclosuresf.com Michael Rooney, Esq., Broker MichaelRooney@zephyrsf.com 2523 California Street San Francisco, CA 94115 Ph: (415) 533-0282
http://www.realbaywealth.com ###
10/1/2007 FOR IMMEDIATE RELEASE:
Local Broker/Attorney Joins Local Market Leader San Francisco, California - October 1, 2007 - San Francisco Real Estate Broker/Attorney Michael Rooney is pleased to announce his association with Zephyr Real Estate in San Francisco, at Zephyr's newest office located at 2523 California Street, in Pacific Heights, San Francisco. Rooney graduated from the Honors Lawyering Program at Golden Gate University School of Law in 2006. He graduated in the top 20% of his class, and was awarded Certificates of Specialization in Litigation and Intellectual Property as well as Top of Class awards in Torts and Civil Procedure II. He is currently enrolled in Golden Gate University's Ageno School of Business MBA program. Matthew Borland, managing broker at Zephyr's fashionable new Pac Heights locale, was named REALTOR® of the year in 2004 and served as President of the San Francisco Association of REALTORS® in 2006. Originally founded by current President William Drypolcher over 30 years ago, Zephyr Real Estate is the largest independent real estate firm operating in the City by the Bay. Zephyr consistently does over one billion dollars in gross sales annually, and operates virtually exclusively inside San Francisco proper.
Rooney concludes his announcement with simply, "please visit our website soon to buy or sell San Francisco real estate, to search San Francisco MLS listings, or to find a broker in San Francisco."
Contact:
Michael Rooney
michaelrooney@zephyrsf.com 2523 California Street San Francisco, CA 94115 Ph: (415) 533-0282
http://www.realbaywealth.com
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