Sell, Rent Back To Achieve a Quick Sale
September 27, 2008
The latest victims, if you haven’t heard (and you would’ve had to have been hiding under a rock not to have heard), are the financial cornerstones of the USA, Fannie Mae and Freddie Mac. The government has had to interject with a huge rescue package just to keep these financial establishments solvent!
It’s a very depressing state of affairs but in truth, a state of affairs which many forecast quite some time ago. The foreboding signs could be seen in the housing market at least a year and a half ago but many chose to sink their heads deeper into the sand.
The zero hour is now upon us and just this week one can find reports from estate agents in Great Britain that they are lucky to sell just one house in 7 days. The market has altogether 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 ride this one out for at least another 18 months. Many analysts on the inside are forecasting the downturn to last for the next 24 months.
Repossessions are increasing rapidly and what we are seeing now are many people looking to sell, rent back their home 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 having trouble meeting your mortgage repayments frequently then your first port of call should be your mortgage provider and in fact some companies are now coming up with sell and rent back schemes to help you navigate these rough seas.
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