subject: The Pros And Cons Of Sell And Rent Back [print this page] Sell and rent back is one way of avoiding losing your home if you are behind with your mortgage repayments. Finding a quick sale completion company who is willing to buy your home fast may save a great deal of heartache as you are able to remain in the property. However, when considering selling and renting back, you may wish to weigh up the pros and cons before jumping in.
One of the biggest pros when you choose to sell and rent back with a quick sale completion company is of course that you are able to remain in the property. When you sell and rent back the company works with you to find a deal that works for you. They typically give you so much of the full value of your home and then ask that you pay so much in rent each week so that you can stay on in the property. This brings us to one of the downsides of choosing to sell and rent back.
Typically when selling your home through sell and rent back with a quick sale completion company you are not given the full asking price of your property. However this may not be as bad as it sounds when you take into account what you get in return.
When selling with a quick sale company offering you the chance to sell and rent back there are usually no fees to pay out to such as an estate agent or a solicitor. When you take into account that these fees may add up to a considerable sum of money the slight reduction in the price you may be offered for your property may not seem as daunting as it first did.
You also have to take into account that when you sell and rent back to avoid repossession you are usually able to get a guaranteed sale if you and the quick sale completion company are happy to go ahead. This sale may also be over very quickly, often in just a matter of a few weeks, which when faced with repossession can be a lifeline.
Another bonus to choosing to sell and rent back your home is that you are often given the chance by the quick sale completion company of buying back in the future. You may have short term financial problems and are able to buy back at an agreed date in the future and for an agreed sum of money at the time of selling. You are able to choose to sell and rent back your home in a wide range of circumstances requiring you to obtain a fast house sale.
You may sell and rent back if divorcing and one partner wishes to remain in the property. You might need to get your hands on a large cash sum of money by using the equity in your home. In these cases you can sell property fast and rent back to remain in it with the option of buying back in the future. You might even wish to sell fast and rent back if you are emigrating and want peace of mind of a fast sale. In this case you can sell for cash and then rent back the property until its time to leave.
