The Sell and Rent Back Business in the UK ~ Pinoy Reviews

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Wednesday, November 12, 2008

The Sell and Rent Back Business in the UK

I've first come upon the term, “Sell and Rent Back” in the UK. The process is actually straight to the point, you sell your home and then rent it back. At first, I thought, why would I Sell My House and then rent it back when I already own it?!!!

Well, since the US and Europe is under a major Mortgage Crisis which of course led to this Global Financial Crisis, it has become pretty clear why a Sell and Rent Back would be a Good Option. If you're in a situation where the bank is in process of repossessing your precious home but you just can't bear the thought of moving or for sentimental reasons you don't want to let go of your home, a sell and rent back is a pretty good option. You sell your home to a third party, get the cash to pay off your mortgage and then instead of renting a new apartment, you just rent your own home. No one has to know that you've lost your house and you don't have to go through the tedious process of moving.

Of course, don't expect to earn from this process considering the current situation of the real estate market, at most, you'll most likely break even from the process or you just have to add a few bucks to meet your mortgage. It's really an easy solution and who knows, you might even be able to buy back your home in the future.

1 Comment:

Rent Back Schemes said...

The BBC reports that some credit companies are going out of their way to help borrowers with their debt problems. This has almost been unheard of until now. The credit crunch has forced lenders of all types to work alongside their borrowers to maximize the amount of repayments achieved.