Many people do not realize that they have an option besides having their house repossessed, or selling it and finding a new place to live. There is a third option. If you are having a hard time repaying your mortgage but you want to remain in your current house, you might want to consider consulting a sell and rent back company. Selling to rent back is definitely an option to seriously consider. It alleviates the need to sell your house and deal with the upheaval and stress and that relocating brings.
When looking for a sell and back company online, they will get you to fill out a form, which they will then review within a couple days. They will send you an informal offer for your house, which will give you a good idea of how much money you can make from the sale. Your house would not actually go to the real estate market though, because the sell and rent back company will be the ones to buy it from you. The benefit of this is that you can sell your house without having to wait months for a buyer.
If their informal offer is of interest to you, one of their employees will contact you to make a formal offer and to discuss the intricacies of the process. The employee will detail the stipulations of the offer, such as the amount of rent that would be required and the terms for buying back the home at a later date. All of the details of the contract (the rent, quote, and buy back amount) will be tailored towards your specific circumstances, with the aim to make them as realistic as possible.
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.
Even if your situation seems particularly dire, a sell and rent back company will probably still be able to work with you. There will be no need for you to go through a repossession or eviction process, even if you have already received notices from your mortgage lender. The company who buys your home can help you stop these proceedings. From start to finish, everything can be completed very quickly. It can take just a couple of weeks. So, if you are really struggling to meet your current financial obligations, sell and rent back is something that you owe it to yourself to at least consider.
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