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IN THE NEWS...
This just in from John P. Hayes, Ph.D., President & CEO of HomeVestors of America, Inc.
If you have a news that you feel REIA Members could benefit from email us at In the News...
Here is a recap of John's recent interview with Texas Senator Estes in regards to the "foreclosure protection" bill. For John's full article, please visit our online Library.
Sunday, December 21, 2008
Texas Senator Estes Appears On Real Estate Investors Hour
Texas State Senator Craig Estes joined Mike Blatney and John Hayes this morning on the Real Estate Investors Hour (Sundays, 8 a.m. CST, HomeVestors.com) to discuss the "foreclosure protection" bill that he is introducing with Attorney General Greg Abbott in the next session of our legislature, which begins the middle of January.
The bill includes the 82% provision which exists in similar bills in nearly a dozen other states--if it's not already in your state, you should anticipate that it's on its way. And you'll want to pay attention to it!
The conversation pointed out that many of our legislators, in spite of their best intentions, simply don't know much about the world of the real estate investor.
Why 82%?
Sen. Estes said he doesn't know and suggested we give him another percentage.
What is "fair market value?"
He doesn't know--that's a topic we need to discuss, he said.
This is just another example of why we need to engage in lobbying both at the state and federal levels. Legislators are not out to get us--they are out to protect their constituents and sometimes, in the process, they step on the toes of other constituents simply because they don't know any better.
Leaders of Texas real estate investment associations are being called to a special meeting in Austin on March 4. Senator John Carona of Dallas will meet with the group and we hope Senator Estes will, too. It's the first step in negotiating this bill with the legislators and also an opportunity to discuss the lease option situation with them.
Meanwhile, if you're not in Texas pay attention to what's happening in your state. The 82% rule will likely pop up in your state this year, too!
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