Selling then renting back house

kenlyn

Hi, anyone had any experience of selling their home to help with debt problems and then renting it back? Any advice, problems encountered, alternatives most gratefully appreciated.

Fred1_2

I phoned one of these companies when I wondeing whether to sell or rent my house out. I wasn't interested in renting it back and was prepared to take a bit of the hit on the sale price if it meant a quick sale and no EA fees.

They told me they offer 65% of valuation price. I told them to foxtrot oscar. That ws before the credit crunch. What are they offering now? Bunch of thieving bar stewards, if you ask me.

kenlyn

Thank you Fred - your feelings seem to be echoing those on the other threads I've been looking at.
My problem is that I've gone over the limit a few times with bank and just had letter saying taking me to court and shutting my account. Don't kow how I will pay d.debits and receive my salary if they do this. Have to try a debt counselling service I think but many thanks again.

kenlyn

Thank you Fred - your feelings seem to be echoing those on the other threads I've been looking at.
My problem is that I've gone over the limit a few times with bank and just had letter saying taking me to court and shutting my account. Don't kow how I will pay d.debits and receive my salary if they do this. Have to try a debt counselling service I think but many thanks again.

Fred1_2

could you rent out your house and rent somewhere cheaper to live in? this is only worth doing if the rental you will receive will cover your mortgage payments and other costs (maintenance, insurance etc). Also, your mortgage company would need to agree - most will, in fact they'd be stupid not to if the alternative is that they don't get paid.

But before you go down that route, remember that providing someone with a home is huge responsibilty and not to be entered into lightly. If the house does end up getting repossessed, then your tenants will be homeless.

pinkshoes

You're better off selling it on the private market and put it on at a low price then finding alternative rented accomodation, as these companies will only give you a very low price in the current market, and there's a high chance that after 6 months they'll kick you out and sell it.

The general consensus of companies who buy your home and rent it back to you is SCUM! They like to take advantage of those in debt and rip them off!