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Sell Your House to Rent it Back
What is sell and rent back? Well, it simply does what it says - you sell your property and rent it back. Why would anyone want to do this? Many people in this day and age find that, for one reason or another, they need to sell their property. This can be due to debts, financial difficulty, job loss leading to mortgage arrears, divorce, equity release or perhaps simple relocation. Selling may not be the ideal answer as this could mean stress, trauma of leaving a family home and a lack of security. However, selling the property and then being given the opportunity to stay on as tenants can take that trauma out of the process.
Equity can be released from the home to pay off existing debts and have some money left over, in most cases, to pay rent while getting back to a stable situation. Rather than moving everyone on and making a new start somewhere unfamiliar, the road can be taken from the comfort of your own home. The sell and rent back scheme can also include a buy-back option which gives you the option to buy back your property when you can at a price competitive to that of the open market. This is ideal for those who just need time to get their feet back on the ground.
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