Who is taking advantage of sell and rent back? People from all walks of life are finding themselves in financial trouble in today's tough economy. Home foreclosures are at an all time high and increasing. This is hitting hard the financial well being of not only the middle class, but the poor to the well off. People cannot afford to lose their homes, but they cannot afford to pay for them either. Many of these folks are seeking out sell and rent back investors to avoid devastating foreclosures and bankruptcies. It is even more common to find aging parents entering into sell and rent back deals with their children. In order to avoid the cost and hassle of probate, children will purchase the home of the parents and then rent it to them. If done early enough, this can also prevent the home from being taken to pay for costly nursing homes if needed in the future. Young families are more aware than ever of the perils of financial hardship. As soon as they realize that they may have bitten off more of a mortgage than they can chew, they are looking into sell and rent back deals to keep their homes until they are in a better position to buy them back.
What exactly is sell and rent back? Sell and rent back is a deal made between a homeowner and an investor. The investor can be a professional real estate investor or a friend or family member. The investor will purchase the home and allow the homeowner to continue to live there and pay rent back to the investor. Often times the sell and rent back contract will include a buy back clause, which allows the homeowner to repurchase the home at a specified time, maybe a year or two later, when he is more financially able to do so.
Where is this happening? Sell and rent back is happening everywhere, and has been for many years. It seems to be a growing trend these days, most likely because of the current state of the economy and the housing market. Sell and rent back is typically a quiet deal between the homeowner and investor. It doesn't end up in the local newspaper as a foreclosure notice does and it's not an auction. This is also not a traditional sale where a realtor puts up a sign in the yard and advertises your home for sale. It is more openly discussed today, but sell and rent back is nothing new.
When should I think about sell and rent back? Just as soon as you realize you can't catch up on your mortgage payments. This deal is best done before the bank starts the foreclosure proceedings. You will be more able to make your best deal with an investor if he sees that you are not yet desperate. If you find yourself aging and your health waning, now might be a good time to talk to your adult children about sell and rent back. Your home must be out of your name for up to seven years, depending on your location, or longer if you have to move to an assisted living facility. They will attach your assets to ensure payment. This can also take a lot of the headache out of probate for your children.
Why should I think about sell and rent back? Because sell and rent back can be your financial saviour. That's why.
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