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advice needed.. do I sell to rent back?
jumberlumba
Posts: 1 Newbie
I have a large loan secured on my mortgaged property which I cannot afford, I'm not in the red yet but I know within 6 mths I will be, i.e unable to pay mortgage/loans/other debts and face repossession....... I've seen this offer on the telly that a company will buy your house but then rent it back to you, thereby avoiding the embarrassment of having to be repossessed and paying off that horrible debt at the same time. Can anybody advise me of the word on the street?
Thanks
Jumberlumba
Thanks
Jumberlumba
0
Comments
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In most cases, those companies are dodgy. Better try selling your house yourself before it goes on auction after repossession.Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0
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I would stay clear of these companies! They are businesses, and are in it for a profit, and I very much doubt they care much about the well being of their clients!
They would not doubt give you a rubbish price for your house, and there's no guarentee you can stay living in it and rent it back from them! They might decide to sell and kick you out after 6 months!
Your best bet is to sell privately and put your house on the market with an estate agent ASAP. Do some research about local prices, choose a sensible price to ask and maybe offer a discount to anyone who's a cash buyer who can exchange and complete very quickly!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
You are being very sensible in looking at your problem now rather than wait until it is out of control.
The problem with quick sale companies is that they are unregulated. You may find a good one, you may find a shark. The basic advice is to accept a 20% reduction in market value and never pay for a survey; a genuine buyer will always pay for their own survey.
Due to the way the mortgage market works, you will never be given more than a years AST, so in theory you could find yourself looking for a new home in a years time. There are investors out there who genuinely want to buy up your sort of property and keep the sellers as tenants for years. Your problem is finding these people and distinguishing them from the rest.
It is probably easier to market your property for sale yourself at a very realistic market price.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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