There may be a solution. You can have your cake and eat it, too, if you can find a real estate investor that offers the lease back plan.
Buy Houses – Isle of palms SC: When you have determined that you must sell your house because you can no longer afford to pay the large mortgage, you may be hesitant to do so because your family is entrenched in the neighborhood. Your kids go to local schools and participate in the school sports teams, your family has a church that you attend every Sunday and that’s where most of your social circle stems from, and your neighbors are the best friends anyone could have. You don’t feel that you can simply pick up and move. It would disrupt your family’s entire lifestyle.
There may be a solution. You can have your cake and eat it, too, if you can find a real estate investor that offers the lease back plan. Whether you have equity or not, you can sell the house to the investor and lease it back to yourself by paying to lease the house from the investor. People lease their cars in a common transaction these days that is similar to what you would be doing with the house.
“Some investors will even allow you to buy your house back at some time in the future if you are interested in doing so.”
The real estate investor will come and give you an expert evaluation of a buying price that he could offer for your consideration. An investor is most likely to offer you around ¾ of what you’d get for the house if you went through the time and trouble to sell it on your own or through traditional methods. If you accept the investor’s offer, you will be offered the chance to remain in the home without moving. You will be asked to pay an amount that equals approximately 40 to60% of what you were paying in mortgage payments. Some investors will even allow you to buy your house back at some time in the future if you are interested in doing so.
This type plan is good for those who know they will lose their home if they continue on in their present circumstances, yet want desperately to continue to live in the house. Giving the house up to foreclosure is not only a traumatic experience for you and your family, but can be devastating to your credit as well. By selling the house to an investor and getting the mortgage paid off, you will be able to maintain whatever credit score you have now and will have a chance to improve it over the next few years with a lower rent payment.
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