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Facing property repossession? One popular solution is ‘Sell and Rent back’. However, there are pros and cons that you should take into consideration before deciding on this method to stop repossession and save your home. In today’s harsh economic downturn, selling your home can be very difficult. There are several factors one must take into consideration before making hard choices in order to save their home and credit, especially if you’re facing house repossession. Repossession can feel like a slap to the face for hardworking home-owners, and no one likes to face the inevitable foreclosure. But, there are answers available and a way to stop repossession in the UK. Let’s have a look at one of the more popular methods to saving a home from repossession – the ‘Sell and Rent Back’ option. The Pros of Sell and Rent Back - Opting for a sell and rent back to a property cash buyer in the UK stop the repossession order almost immediately. As long as a minimum of 25% equity is available, a rapid-sale can stop repossession proceedings. - Private and confidential – with the sell and rent back process, home owners don’t have to worry about sign’s in their front yards displaying for all to see their current situation. - No fees – There are no estate agent fees or legal fees with sell and rent back. - House sale is very quick – when you opt for sell and rent back, it means the cash buyer will buy it almost immediately so to avoid property repossession, thus saving your credit. - Affordable rent for the home owner – once you sell for rent back, you can enjoy a normal life with cheap rent in your own home. The Cons of Sell and Rent Back - Expect below market value for your home – opting for sell and rent back means you have to expect a lot less. In order to secure a quick sale, this usually involves selling your home for up to 80% of market value. - Short-hold tenancy agreements – sellers must be careful about the fine-print, some agreements may state a tenancy that only lasts 6 or 12 months; in this case the new landlord can remove the tenant after that time. Only accept a buyer seeking to build a long term agreement. - Be wary of regulations – it’s important to remember with this option that there is very little sell and rent back regulations in place. You don’t want to meet your doom with unscrupulous property cash buyers. - Complicated Rules – some rules in this scheme can be very confusing and many cash buyers have a different set of criteria. - Negative Equity – if you have negative equity, a property cash buyer will not accept the house. If the cons should win this scenario, there is still another option available to avoid repossession. Home owners might want to consider Rapid-Sale, the process of selling your home quickly, paying your debts and starting fresh. This option, if you so qualify, can be completed in less than one week.
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