days. Due to the state of the economy, more and more distressed property
owners are looking for fast solutions to sell their real estate. Whether the
reason is to pay their mortgage balance off to avoid repossession, or to
take extra cash out of their home and put it towards paying bills, college
expenses, a vacation or retirement, the sell and rent back program is an
instant solution to help you accomplish your needs and goals. The scheme
works for your primary residence or rental property. Most rent and sell
companies are delighted to take your rental property with a tenant already
in place. Here are the details, step by step on how the sell and rent back
works:
- Contact your estate agent and get a market analysis of comparable
home sales in your neighbourhood so you have an idea how much your
property is worth. - Call a sell and rent back company and get a free consultation. You
may want to speak to several companies to compare services. Be sure to
get references. There is no stress and no obligation. - A confirmation letter will be sent you immediately.
- After you select which sell and rent back company you want to work
with, the company will send a property assessor to your home to appraise
it. - An Agreement in Principle will be presented to you for your
signature. All you have to do is sign, date and return it to the
buyer/investment company. - The company will present you with an offer generally within 24 to 48
hours later. Simply accept or refuse the offer. - If you decide to accept their offer, the sell and rent back company
will do all the paperwork for you and hire the attorney. This takes the
burden off of you. Because they are experts at this process, they will
be able to explain the process and answer your questions. - The property is closed within a week, and the money is deposited
into your bank account. There are no fees or real estate commissions to
pay. No annoyances and disruptions of buyers walking through your house. - You remain in your home and pay monthly rent typically at a reduce
rate. If you have rental property, your tenant remains in the property
and can negotiate with the new buyer after their lease expires. If they
are on a month to month, then the tenant can either move or stay.
Everyone's financial situation is different. Rest assured that you can
stop repossession of your home or rental property by using the sell and rent
back strategy. You get to sell your property quickly for cash, pay your
mortgage balance and either continue living in your home or sell your rental
property with your tenants in place. The equity you have left over after
paying your mortgage balance can now be put to use for other things such as
your retirement, or medical bills or a vacation. Why stress and worry about
losing your property to repossession, when the simple solution to your
problem can be fixed with a sell and rent back transaction?