FAR Investor Group Review
February 2, 2012
Fresno Association of Realtors Investor Group is dedicated to promoting the professionalism of realtors, and to make available the programs and services that allow members to conduct their business with integrity and competency.
What you just read was the mission state of FAR Investor Group. Having attended a few of the Friday meetings, I am a witness of the accuracy their mission statement reflects their actions. They not only promote professionalism, integrity, and competency to their members, but also to guests and students eager to learn how the real estate ecosystem works.
Friday, February 2nd, was the most recent FAR meeting. This meeting's focus was on the legal aspect of real estate, more specifically current laws, their problems, and real world examples of the problems. Conducting this session was Tom Hyatt, Director of FAR, as well as two lawyers by the names of Brian Cuttone and Andy Kucera. Very knowledgeable in real estate law, these two professionals ran the session with countless examples of when real estate conflicts with the law and what to do in those situations.
One of the bigger topics was the "Protecting Tenants at Foreclosure Act of 2009," which states in the case of a foreclosure on Federal mortgages and/or residential property, if there is a tenant in house when purchased, you must give 90 day notice to vacate. If there is a lease involved with the tenant, the purchaser must abide by the valid lease until its terms are up. Now there is an exception, If you purchase the home and plan to live in the home, the lease may become void and you must give the tenant a 90 day notice.
This particular topic brought about a lot of comments and real world examples some of the realtors, brokers, and investors had faced, providing valuable insight to some problems one may face while involved in real estate.
Attending these FAR meetings is a must if one wants to become actively involved in the real estate community. Not only does it keep you updated on current issues and laws, but it also is a great networking opportunity to meet other professionals who may potentially pass business on to you. One of my favorite mottos is, "Its not what you know, Its who you know," and that definitely has some truth to it.
To Your Success,
Forrest Miller
That 90 day notice is interesting. What I see are many people not paying their mortgage for 1 or 2 months and then getting that 90 day notice to vacate the property. That would mean that the bank will lose out on about 4-5 months worth of mortgage payments and then they would have to play the wait game so for another person to come in and start paying on that property. No wonder banks don't want to see people lose their properties. I know there are more options now to refinance your home. This is probably because of so many people who cannot pay for their mortgage and try to stay in the property for as long as they can without paying.
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