Sell, Rent Back And Get a Quick Sale
The financial markets are in distress. The dominoes are falling quicker than a hungry cheetah!
The latest fatalities, if you haven’t heard (and you would’ve had to have been hiding under a rock not to have heard), are the financial giants of the USA, Fannie Mae and Freddie Mac. The government has had to intervene with a massive rescue package just to keep these financial institutions afloat!
It’s a very depressing state of affairs but in all honesty, a state of affairs which many anticipated quite a while ago. The ominous signs could be seen in the property market at least a year and a half ago but many chose to ignore the inevitable.
The zero hour is now upon us and just this week we hear reports from estate agents in the UK that they are finding it hard to sell just one house in 7 days. The market has totally died and there’s no sign of it improving anytime soon.
If you’re undertaking to sell your house and you’re wanting a quick sale you might just have to change tack and try to hold on to it for at least another 12 months. Many economists on the inside are expecting the downturn to last for the next 2 years.
Repossessions are on the up big time and what we are seeing now are many hundreds of people attempting to sell, rent back their house and stay in the same place this way. It must be hard making that decision but at least you get to keep living in your home.
If you’re finding it hard meeting your mortgage repayments every month then you should first go and see your mortgage provider and in fact many companies are now coming up with sell and rent back schemes to help you weather the storm.