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Selling to rent back?
pinkfloyd_2
Posts: 2 Newbie
Due to divorce on option to sell our home to a "Home Buyer" with the right to rent back has been offered. This will release cash and allow my wife and kids to stay where they are. Any one had any experience with this and should I be concerned.
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Comments
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There was a thread about this very thing a week or so ago, suggesting a reasonable number of people are turfed out after the initial 12 month period so the investor could realise the investment.
That seemed to be the major concern.0 -
also...the home buyer company will usually only purchase the property for around 70 to 75% of its market value0
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Thanks for the info, any idea where this information is from.0
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two golden rules for sell-your-house-quick deals:
a) expect an offer of 70-75% market value;
b) honest firms will pay for their own valuation.
Never ever pay these people to value your home, sharks will take your money offer you a ridiculously small price and walk away leaving you a few hundred pounds lighter.
If you want an insight as to how these firms operate (and there are some good guys out there) look on the BMV (below market value) board on singingpig.co.uk.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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