If you’re having trouble paying your bills and you need a way out, but you don’t want to go through the difficult times – and credit problems – of repossession, it would be better to find a different option. You could sell your home and rent it back! There are companies that will do this for you. They buy the home for an amount that you agree on – but keep in mind it’s going to be lower than what you would get if you sold your home to a standard buyer. However, trying to sell your home right now can be very difficult because of the economy. If you can’t hang on until the economy improves or simply have to get out now, selling to a company that buys homes can be the way to go. You have the option with most companies of renting your home back from them. Some companies even give you the right to buy your home back at a certain point in the future. When you sell and rent back you get some serious benefits. True, you’re not a homeowner anymore, but if you were about to have your home repossessed you wouldn’t have been a homeowner anymore, anyway. This way you sell your home and don’t damage your credit, plus you can still live in it.
You don’t have to put up for sale signs and you don’t have to advertise what’s taking place with your house. You also don’t have to let anyone else know about it, so your neighbours won’t be talking. It’s a great way to avoid the stigma and the emotional pain of losing your home, and it’s also a great way to keep living in a place that you love without losing it to repossession because you can’t make your payments anymore. It’s good for people who can’t maintain their homes well anymore, too, because with a rental they get the maintenance. Otherwise, they would have to keep doing it themselves. It’s always wise to think about something like this very seriously before agreeing to it, but if you’re about to lose your home to repossession and you don’t have other options, selling and renting back your home may be for you.