HR 1728 Would Be Extremely Harmful To Real Estate Market

If you are an investor or thinking about becoming an investor then this is something that you really need to read. All investors need to know that the congress has just passed and the senate is working on passing a bill that will restrict real estate seller and buyers, in arranging terms that are agreeable to all of the parties.

While many of the provisions of the act are positive steps toward mortgage reform, the inclusion of private owners in the act (see section 101(3)(e) will enormously reduce the housing choice of Americans and also the ability of home owners to sell properties in this already-slow market. For many of these property owners and the seller financing was the only way for them to unburden themselves of an unwanted property that, in some cases, was headed toward foreclosure before it was sold.

Without this ability, the investor cannot easily continue to buy and renovate properties in the neighborhoods that are in need invest our time, energy, and money in rehabbing properties. Bank financing is not always readily available as an option for these types of properties because of the condition; only financing available sometimes is provided by the sellers.

Section 101(3) (e) would keep many sellers from utilizing a proven method that has been used successfully for centuries to sell all the unwanted properties.

This is now more important especially in the market that we are dealing with today. In the defense of private property rights, the owners should be exempted from the burdensome and unnecessary rules that this law foists upon them. In its current form, it would all but shut off the "owner financing" market that is the only way that many sellers can sell and many buyers can buy right now at this point.

PLEASE DO NOT LET THIS RESTRICTION ON PRIVATE PROPERTY RIGHTS PASS THE SENATE. It is unnecessary to stop private buyers and sellers from transacting business that is beneficial to both of them-they are not the problem that the bill seeks to solve. HR 1728 would be extremely harmful to thousands of property owners.

It will exacerbate the problem of foreclosure, as fewer sellers will be able to sell their homes so they will be able to avoid the foreclosure, and then fewer buyers who have recently experienced foreclosure will be able to re-start the process of home ownership inexpensively and easily by negotiating owner financing.

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