Because of the stagnation of the present UK and World economy and limited credit being issued by banks, few people are capable of purchasing houses. This has decreased the number of good house buyers in the market, therefore, weakening the market even more. This vicious cycle has lowered home values and consequently the equity people once had in their homes. This, combined with the current, high unemployment rates have many homeowners facing financial problems and repossession.
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Unable to find good house buyers when facing financial demise, many homeowners have turned to the new sell and rent back industry. This means that homeowners can sell their homes to investors who will, in turn, rent their property back to them at a reasonable, agreed upon rate. Sometimes the option of buying back their home in the future can be included in the arrangement in the event the sellers financial situation improves.
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The industry essentially substitutes investors for good house buyers so sellers do not have to leave their homes unless they want to. Using this industry to free up the equity in their homes allows homeowners to achieve financial stability by diminishing or erasing additional debt they may have incurred because of their situation. It also relieves them of additional expenses such as home insurance and maintenance costs. This process occurs quickly, and there are no fees involved so the homeowner can avoid a repossession that would most likely occur before the possible sale of their home.
As always, there is one significant drawback to this process as well. Normally, investors in the
Sell and Rent Back industry will only give the seller up to 80% of the value of the home. With no end to the falling home prices in sight and few good house buyers in the market today, this reduced sale price may not be as bad as it seems. The result may not be much less than the prospective price in the future, and expensive closing costs involved in the sale of a home are non-existent when dealing with the sell and rent back investors. Also, if faced with an imminent repossession on one's home, it far outweighs the lost equity in it's entirety.
