May 15, 2008 Edition

Another Happy Home Buyer Story

HVA sells young couple their dream home; gains a new employee By Leah Templeton Leah Templeton In the military town of Norfolk, VA, lives a very happy home buyer. A young Navy sailor, his wife and their three-year-old son are now the proud owners of their first home, thanks to Patti and Troy Robertson of Tidewater Properties. "We picked up a cute little house right next door to the Navy base in Norfolk," said Patti. "We closed on it on Friday, March 7 and spent two weeks sprucing it up with a new roof, fresh paint inside and out, and refinishing the hardwood floors." A few weeks later the Robertsons put out a dozen signs in the neighborhood announcing a house for sale and “$500 moves you in.” "We had eight calls within two hours," added Robertson. "The sixth call was from Andrew Warner. His wife had spotted our sign. They read it, but couldn't believe it was true." Andrew, 20, and Nicki, 22, didn't think purchasing a new home was an option for such a young couple. Nicki and Andrew Warner with son Jacob in front of their new home in Norfolk, Virginia. "Andrew called the number on the sign and spoke with my husband Troy," continued Robertson. "He asked how the $500 move-in program worked and Troy explained the FHA/VA seller assisted down payment program we were offering. After Andrew shared some basic information, Troy took it to our mortgage office. This 20-year-old Navy Sailor qualified for his first mortgage in the amount of $175,000 through the VA!" The couple, living in an apartment and facing the end of their lease, had been frantically trying to decide if they should remain month-to-month or find a new apartment complex. They didn't think buying a home was even a remote option. "Andrew and Nicki were ecstatic to have a home to call their own and build their family in," said Robertson. "We let them move into the home before closing and even gave them a lawn mower so they could keep the lawn looking as good. They closed on their new home on Monday, April 14, and during the closing we learned that Andrew is the youngest homeowner ever to close a loan in our real estate attorney’s office." The couple, still getting settled, appreciates the extra space now more than ever. "I actually just found out I am pregnant again!" said Nicki. "We are in the process of redoing the attic and enlarging the space to create a new master bedroom. It's so wonderful to have a house of our own. The lawn is fenced so my son can play, and we have two dogs. And it's a better neighborhood than our apartment. We just love the house!" But that's not quite the end of the story. At the closing Patti asked Nicki what she did for work. Nicki had only recently moved to Norfolk and was in the process of looking for a job. "I told her that we had an opening for an administrative position in our office," said Robertson. "That night she e-mailed me her resume and completed our required profile. She met the profile we wanted and we met for an interview the next day. She's now working full-time in our office!" The house appraised for $176,000, and Tidewater Properties sold it for $175,000 with $500 down and no additional funds needed at closing. "Who says you can’t sell a house in this market?" Robertson added. "Our purchase-closing-date to sale-closing-date was only five weeks for a retail sale, and that's including mortgage qualification and funding!" . . . Leah Templeton is an account executive with HomeVestors’ PR firm, BizCom Associates.

HomeVestors To Congress: Let Us Help!

HVA executives and franchisees take message to Washington, D.C. Among those taking our message to Congress were, from left, John Hayes, president and CEO HomeVestors of America, Dallas; Debbie Gant, HomeVestors franchisee, Houston; Richard V. Oulahan, investor, Springfield, VA; Wes English, HomeVestors franchisee, Ft. Worth. Real estate investors from across the nation gathered in Washington, D.C. late last month to issue a challenge to congressional leaders who believe a federal bailout and restrictive legislation are needed to get the housing industry back on its feet. And at the forefront of this lobbying effort were HomeVestors executives and franchisees.   “Professional home buyers -- real estate investors -- are the backbone of America's housing industry, not REITs, or builders, or large apartment complex developers, or even Realtors®,” HVA President and CEO John Hayes told those who gathered in Washington for the first annual Day on the Hill, organized by National REIA. “We are at a crossroads. Congress, in a reaction to the media-fed hysteria, is considering restrictive legislation that would severely limit our ability to help the industry out of its crisis.   “Congress needs to understand that we are not the controversial speculators, or ‘flippers.’ We are not fly-by-night, risky, thoughtless opportunists,” he continued. “We are not out to make a quick buck off the backs of financially and sometimes emotionally challenged homeowners. We are hard working, professionally trained, honest, law-abiding citizens who will be largely responsible for the upswing that's going to occur eventually in real estate markets across the USA.”   The event, sponsored by HomeVestors, attracted more than 60 leading investors, including a dozen HVA representatives.   "This event is critically important and it could not occur at a better time in our history," Hayes said during his keynote address. "It comes at a time when the nation's focus, all of the media, all of the politicians including the presidential candidates, countless economists and financial strategists are focused on the housing crisis, the credit crunch, and what it all means to the future of our country's economy."   During the daylong event, HVA representatives and independent investors conducted more than 40 meetings with congressional leaders. Participants explained to legislators that real estate investors operate at the grassroots level to rehabilitate older neighborhoods, to provide affordable housing, to assist first-time homebuyers, to help people out of ugly real estate situations and more.   "Some people in Congress want to tie our hands and our ability to help the real estate industry continue its recovery," said Hayes. "If Congress wants to help, it should provide down payment assistance programs for first time home buyers, come to the aid of worthy home buyers who are facing foreclosure, and create paths that will allow responsible investors to continue to help solve our housing challenges by easing the credit crunch for us. If we're going to buy more properties and preserve the values in our real estate, investors need access to capital and we need the lawmakers and the credit community to hear us and respond favorably."   Hayes said the event reminded him of a similar inaugural event held by the International Franchise Association. The IFA’s first Day on the Hill attracted less than 100 participants. Now more than 500 franchise representatives annually descend on Capitol Hill to lobby on behalf of franchising.   Hayes said that all HVA representatives left Washington D.C. feeling they had been successful in their efforts.   "Participants heard at least one legislator say, 'Until now, there's been an empty seat in Washington -- we haven't been visited by real estate investors before,' " he recalled.   Based on the enthusiastic reception, Hayes expects the Day on the Hill to become an annual event. And it is needed.   "Our interest in helping today’s homeowners and homebuyers is at the root of our business, and we want legislators to hear first-hand what we do and how we do it," Hayes said.  "Similarly, we are equally committed to fighting con-artists who cloud our industry, and people in Washington need to know how to identify the greater number of investors who are helping our country and our economy."   You can read Hayes’ comments, as well as those of other participating franchisees, in his April 30 blog entitled Comments To Day On The Hill Participants.