Sell And Rent Back : A Good Way To Get Out Of Debt
When people are unable to fulfill their mortgage obligations, they often find themselves with two options: selling their home or falling victim to foreclosure. There are many times that homeowners are reluctant to pursue either of those choices, because they love their home and would like to stay there. Since both selling and foreclosure results in the displacement of the homeowner, they are left in a difficult position. However, there is another option available that most homeowners are not aware exists. They may be able to sell their home to a buyer with the explicit agreement to allow them to rent their home back.
The sell and rent back option provides a way to make a quick and easy sale. There are a variety of companies that exist just for the reason of purchasing homes while allowing the current owner to stay in place. In addition, these companies allow you to buy back your home at a later date if your financial situation improves. If you are interested in taking advantage of this option, simply go online and search for a sell and rent back company. After contacting them, they will get back to you, typically within a few days, to give you an approximate amount that they would be willing to pay you.
If like the sound of the informal offer made by the sell and rent back company, a representative of the company will come to your house to discuss the details of the deal. Amongst other things, you will be advised of what the monthly cost would be and how much the house will will cost you to regain ownership once your financial situation gets better.
If you are wondering about the downsides to sell and rent back, there is really only one, which is that you will probably not be paid the same amount for your home as you would get for it if you were to put it up for sale through an estate agent. That is to be expected though, as whenever you want to quickly sell anything, whether it be a house, a car or a TV, you have to be willing to accept a lesser amount.
If your decide to sell your home to a sell and rent back company, the whole process can be completed in just a few weeks. It is possible for you to still be able to stay in your house even if you have already received notice of eviction or court proceedings. So, do not think that it is too late to act.
