The Safe Act

It seems that there is a lot of fear mongering going around about the Safe Act and what this legislation is about to do to the already damaged Real Estate Industry. Once you really dig into it you will find that at the Federal level there is not much of a problem in regards to what you will and won't be able to do come Aug. 31 when the act goes into effect. As for the State level, here is where the road will get pretty rocky. Its as though someone at the State level is either not thinking or just does not know what they are doing. A good analogy would be "Shooting Our Selves In The Foot". Why would you cripple one of the most flourishing Real Estate markets in the country? "House Bill 10", which is just another name for Texas's interpretation of the Safe Act, was originally designed to be the Federal Governments guidelines for how the individual States were supposed to enact their own version of the program to put a stop to predatory lending in this country. But to put things into legislature like, only being able to Seller Finance only one property in a (3) year period other than your Homestead, or preventing any individual from participating in a Real Estate transaction unless they are licensed, would seriously undermine the constructive efforts of trying to re-ignite the Real Estate industry in this country. Between the large Banks not lending and State legislature cutting of the blood flow of the changing of hands of property, we are headed for a serious Real Estate gridlock not only in the state of Texas, but in other states throughout the country.