Sell, Rent Back For a Quick Sale
The money markets are in turmoil. The dominoes are falling more rapidly than the protons can whizz around the CERN particle accelerator!
The latest casualties, if you haven’t heard (and you would’ve had to have been hiding under a rock not to have heard), are the financial bedrock of the USA, Fannie Mae and Freddie Mac. The government has had to intervene with a massive rescue package just to keep these financial organizations solvent!
It’s a very gloomy state of affairs but to be honest, a state of affairs which many predicted quite a while ago. The warning signs could be seen in the property 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 we hear reports from estate agents in the United Kingdom that they are struggling to sell just one house in 7 days. The market has wholly died and there’s no sign of it coming around anytime soon.
If you’re undertaking to sell your house and you’re looking for a quick sale you might just have to step back and try to sit on it for at least another year. Many commentators on the inside are predicting the crunch to last for the next year and a half.
Repossessions are becoming commonplace and what we are seeing now are many hundreds of people looking to sell, rent back their house and stay in the same place this way. It must be tough making that decision but at least you get to stay in your house.
If you’re not easily meeting your mortgage repayments frequently then your first port of call should be your mortgage provider and in fact many companies are now providing sell and rent back programs to help you navigate these rough seas.
