If you are struggling to meet your monthly mortgage arrears or you have already fell behind with your repayments life is one big worry
. If there is no hope of you repaying your mortgage arrears and you are months behind with your repayments, then of course it is only a matter of time before that final letter from the lender drops through your door telling you they are repossessing.
While you may not have the finds to be able to catch up with your mortgage arrears and continue meeting your mortgage repayments there still may be some hope that you are able to avoid the stigma associated with repossession and better yet, remain in the property.
If you are able to get a quick sale of the property for cash and pay off the arrears along with the mortgage, you will escape repossession and may have some cash left over from sale depending on the amount of equity there is in the home. Of course when selling property by traditional means of an estate agent you have to leave the property, if you manage to get a fast sale. If you choose to sell to a company offering a sale and rent back solution then you get the best of both worlds. You are able to sell your home, avoid repossession and remain in it by paying rent each month that is typically more affordable than your mortgage repayment.
If you have exhausted all other avenues you may wish to contact a sell and rent back company online. All you generally need to do is to fill in the online form leaving details such as the asking price for your home, the area in which you live and the type of property and usually within 24 hours you have an idea of how much the company would pay for your property. There is no guarantee on your part that you have to sell, if you are not happy with the proposal then simply walk away, there is nothing to lose.
If both you and the company are happy with the verbal quote they will send someone to give the property a full valuation which will lead to a written quote. At this time you also find out how much you would need to pay each month to remain in the property paying rent and how much you could buy back the property for in the future. This is set at the time of agreeing to sell and the price remains the same even if the value goes up.
Selling to rent back may be an ideal solution as you are able to become the homeowner again in the future once your financial status has been resolved. Typically rent back companies offer solutions that are tailored to your needs to ensure that you are able to remain in your property. Selling this way also comes without any fees which you would have to pay if you were to put your home on the housing market and these fees could add up to a tidy sum.