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sell home to rent back
anniewaller13
Posts: 1 Newbie
Hi can anyone give me good advice on these companies that buy your house and rent it back to you?? In debt and need way out - this seems good short term solution but is it a scam?? Thanks 0
Comments
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A lot of the companies that do this are sharks. You won't get full market value and there is no guarantee that you will be able to rent back for longer than 6 months. Some companies have been known to get the cash back and then not pay any mortgage payments so your home could be repossessed by their mortgage company. There are a few that are ok.
It is the last resort rather than the first. Find ways to slash your outgoings and up your income first. Go to the debt free wannabe section and post your SOA (statement of affairs) as they will be able to offer good constructive advice on how to minimise your debts without losing an asset. If they think your position is so bad then they may suggest selling up but trying the open market first rather than relying on a quick sale company.
Good luck
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