In the current financial climate where so many people are anxiously facing repossession, there are plenty of Sell and Rent Back scams that you must be aware of before agreeing to sell your home and rent it back from a cash property buyer.
Here are some of the top scams:-
- Charging you for a ‘Home Valuation’ - Never, ever pay for a valuation – this is the buyer’s job
- Offering you 100% of market value - It will never happen! The buyer will tell you money will be held back for a certain number of years and you will never see it in your lifetime
- Lifetime rental agreements - Not legal and not worth the paper they’re written on
- Buy back options at future market value – You gave the buyer a discount, so you should get one too, if you decide to buy back later!
- Reducing the purchase price at the very last minute - Don’t fall for this one. Don’t let you buyer find sudden reasons to reduce the price. Get a guaranteed offer in writing!
Sell and Rent Back STOP PRESS:
Please note From July 1st 2009 I will no longer be able to advise on dangers of sell and rent back due to new Government legislation designed to protect a few large companies with a vested interest in paying you less for your property.
