Archive for January, 2012
Jan
31
How Rent Back Can Solve Your Financial Problems
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Financial woes are rife these days, and rent back could be the solution. If you have experienced one of the following situations, then a sale rent back deal could help you get back onto firm financial ground.
Suppose you own a house with a partner and you have a couple of children. Everything is going smoothly and then the relationship ends. One of you needs to move out, leaving the other to raise the children and manage the mortgage. The trouble is that the person left behind doesn’t earn enough, but you both agree that you want to keep the family home so that the children are secure. Rent back offers a way to do this.
Another common scenario where a property rent back scheme might be useful is where a person becomes ill and is unable to earn. That person gets into mortgage arrears and has other financial difficulties. A home rent back scheme could solve those worries in one simple transaction and put money back in your pocket.
Sell rent back is also useful where you are in serious financial difficulties. If you are in debt, have defaulted on a secured loan and have several months or mortgage arrears, then a home rent back scheme may be the only way to stage a financial recovery. After all, selling your home is better than having it repossessed and sold by a lender who may get just enough to repay the debt, leaving you with nothing.
So, how can you profit from a house rent back scheme? It’s easy. First, find a company that offers a home rent back deal. This is as simple as looking in the classified ads, checking out the yellow pages or searching on the internet. Book a time for them to come round and look at your house. The rent back company will value your home, looking at the true market value of the property. If your property is in good condition, then you’ll get a better valuation than if it needs significant work.
The next part of the rent back process is the offer. The property rent back company will offer you up to 85 per cent of the assessed value of your home as a cash sum. You could wait around and hope to sell your home for the full value, but the property market is fickle and there’s no guarantee that you could get a sale on the open market before your home is repossessed. Rent back offers you that guarantee. You normally get an offer within a couple of days of valuation. If you accept, the deal can be done in less than a month.
Most people don’t like others knowing that their home has been repossessed. With rent back, you can avoid this stigma, by selling your home first and arranging to rent it back from the company at a fair market rental. Normally, you sign a tenancy agreement for six or 12 months, but longer agreements are often available. No one need ever know that you have sold your house, and with some companies you may be able to buy it back when you get straight.
Once you’ve got the money from the sale, you can repay mortgage arrears, loan arrears and other debt to get the lenders off your back. Then you have money in the bank while your landlord is responsible for maintaining the property. That’s another advantage of rent back.
Sell House Quick
Jan
31
Stop Home Repossession Now!
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Repossession can be a very unpleasant experience. It can have serious long-term consequences on you and your family, both emotionally and financially. Many homeowners are faced with the imminence of repossession because of a difficult financial situation that can be caused by a number of factors. If you think that home repossession is an irreversible process, you will probably be relieved to know that there are ways of avoiding the demeaning and unpleasant experience of losing your home on account of failure to make mortgage payments. Many people run the risk of losing their family home on account of misinformation. It is very important that you know all your options when you are faced with the prospect of repossession. There are several ways in which you can avoid eviction and repossession orders. You will eventually get to keep your family home, provided you make informed choices in your attempt to stop home repossession.
First of all, you are probably aware that the amount of money you will have paid the lender by the time your mortgage payments are over exceeds the retail value of your home by far. Therefore, the financial institution is more interested in receiving the payments you are supposed to make rather than in selling your property. In other words, the financial institution that has originally granted your mortgage loan may be open to negotiations and alternative solutions. Therefore, it might be a good idea for you to contact your lender and try to agree on a reasonable solution to making your overdue payments in order to stop home repossession.
Second of all, you can avoid eviction and repossession orders by taking out a second mortgage on your home. You can stop repossession by refinancing the mortgage and whatever other loans or debts you might have. This solution is worth looking into well before eviction becomes imminent.
If neither of these solutions works in your case, you are still presented with a very good option, namely selling your home for cash in order to avoid eviction and repossession orders. At first, this idea may not seem too appealing, which is only understandable. After all, a traditional sale process can be a very long and tiring experience, at the end of which you may not come out on top. However, if you make informed choice, you can stop home repossession and continue to live in your home even if you have sold it. The solution is fairly simple. All you have to do is contact a local investor with plenty of experience in the field of rapid property sales, sell your home fast for cash and continue to live in it as a tenant until you are financially capable of purchasing the property back from your buyer. Most homeowners who want to avoid eviction and repossession orders agree that this is the optimal solution. There are many investors that specialize in solutions to stop home repossession. After a careful examination of your situation and options, you will certainly come to the conclusion that selling your home fast for cash and continuing to live in it as a tenant for a fixed amount of time is the most equitable solution to avoiding eviction and repossession orders.
Sell House Quick
Jan
30
Credit reference agencies and mortgage application. UK?
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I have obtained my credit file from Experian which is pretty good, no defaults, arrears, ccj’s etc, I’ve also had the one from equifax which is not good at all and also links me to an associate with bad credit. I applied for a mortgage online with a building society who I have been informed uses only Experian, I have the AIP and have now submitted a full application which has also been approved subject to valuation and electronic identity check. Will they use equifax as well as experian for the identity check, is this how it’s done? They have also asked for my ni number do they use it and if so what for?
I just found the following information attached to my application so I think it may well answer my question. The building society use Experian and in the info below it says agency not agencies, so fingers crossed.
We will attempt to electronically verify your identity and address for Anti Money Laundering purposes, through a credit reference agency on submission of a full application only. If we are unable to obtain this information we will ask you to provide us with identity and address verification.
Peter P
You are exactly right! I do have something to hide, as I stated in the question there is an asscociate linked to me on my eqifax report with very bad credit and this would more than likely affect my application.
Thanks for you’re intelligent reply!
Passive Income
Jan
30
Re-mortgaging the Answer to Debt Problems?
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We live in a world where credit cards, overdrafts and loans make spending effortless. Online shopping brings the high street into your home and every newspaper you read offers bigger and better deals on consumer items. In this situation, it is very easy to overspend and managing your personal finance can quickly become a nightmare if debt takes a grip on your life.
One solution, available to homeowners in debt, is to re-mortgage their property and release some of the equity held in their house. This is actually a very straightforward process and, in many cases, can be completed in around two to three weeks.
Re-mortgaging can reduce outgoings, consolidate existing debts or even raise additional cash for ongoing projects. To start the ball rolling you first need to find a good Financial Advisor who can help you choose your best course of action.
Finding a good financial consultant can be tricky, but if you look out for a independent consultancy which employs advisors who have completed the relevant CeMap (Certificate in Mortgage Advice and Practice) qualifications then you won’t go too far wrong. This national qualification covers UK financial regulations and specialist mortgage knowledge and the advisor will have been thoroughly tested on their ability to give appropriate mortgage advice.
Personal finance is a sensitive subject for many people so financial advisors often visit people in their homes. A good advisor will be able to help you gain a thorough understanding of your financial situation and if a re-mortgage is the best option for you then they will be able to complete all the paperwork on your behalf.
The first step is to find out if you qualify for a re-mortgage. Your financial consultant will begin by asking you some searching questions about your financial situation. If you are worried and upset by debt then these questions may seem an imposition but rest assured, the consultant is just doing their job.
All mortgage lenders will need up to date information about you and your circumstances before they will even consider a loan. However, if you deal with a reputable advisor then this information will remain completely confidential as the Data Protection Act specifically prevents the sharing of personal information without the subject’s knowledge.
Re-mortgaging is subject to the usual ‘terms and conditions’ but these will be explained in depth by your financial consultant. Providing the re-mortgage is carried out with a reputable lender these terms and conditions simply protect both borrower and lender.
A poor credit rating can sometimes be a cause for concern but it may not be a barrier to re-mortgaging. It is true that County Court judgements, payment defaults, mortgage arrears or a poor credit history can seem like insurmountable barriers but there are financial consultancies which specialise in helping people with a record of bad debt. They recognise and understand all the problems and can usually offer a range of workable solutions.
Possibly the most important thing to remember is that a good financial consultant should have the facility to ask all the UK lenders for their most competitive interest rates. Obviously rates will be based on your personal circumstances but it shouldn’t take long to discover the very best option for you.
Why not explore the potential for re-mortgaging today - it could make a lot of sense!
Quick House Sale
Jan
29
Make Money Renting
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Although the residential market has hit the skids, it is not as gloomy as it appears. The market may be down, but it is not out, and it never will be as long as people need a place to live. You just have to be prepared for a long term investment in real estate and not panic.
If you own property or want to make money in the market today, the way to go is to rent out property. We have always been a nation of renters. Over the past 50 years, however, we gradually moved towards home ownership. On the other hand there are still many people who rent and some people who prefer to rent. Home ownership is a responsibility that not everyone wants to take on.
You can make money in the market today by renting out property to individuals. You can rent out your own home instead of selling it if you are planning on moving, or you may even want to purchasing property to rent to people. If you are looking for a rental investment to buy, there has never been a better time than now. Housing prices and mortgage rates are lower than ever. You can purchase a home or a condominium to rent to others. This purchase will also be a long term investment for you.
Be careful if you purchase a condominium unit with the intent of renting because there is nothing in the bylaws that prohibits renters. You should also make sure that you do your own market study of the area. How much are other homes or condominiums being rented for each month? You need to find out whether the rent will cover not only the mortgage payment, but also the taxes and insurance.
Do your homework carefully before purchasing property to rent to others. This can be an ideal way to make money in real estate today, but you have to make sure that you understand the market as well as the tenant laws. Tenant laws usually favor the tenant, so make sure that you screen any applicants carefully. You should also take a good security deposit, especially if you are renting a single family home out. The security deposit should be returned when the house is vacated and in the order as agreed to in the lease.
If you buy property now, you can take advantage of the low housing prices as well as low lending rates. You can then hold onto the property for several years while renting it to tenants who will, essentially, pay your mortgage. When the real estate market moves towards a sellers market, which it eventually will, you can have the property appraised. Chances are that it will be worth a lot more than for what you pay now and by selling, you will get a sizeable return.
Making money in the real estate market today is not difficult if you are patient and willing to look for the long term investment. Always look to the best locations in which to invest in property as they will tend to gain in value quicker than any other locations.
Sell and Rent Back
Jan
28
‘Sell my house fast’ specialist, SecureASale has today highlighted the pitfalls to sellers that selling a property to rent it back throws up.
LONDON, UK- Property quick sale expert, SecureASale has today issued a report on the severe downsides to selling a property in order to rent it back again.
SecureASale company director and UK property market expert, Tim Jackson said, “If you are in financial difficulties and are thinking, “i need to sell my house fast”, then a quick sale to a cash homebuyer (like SecureASale) can often help to get you back on track.”
He continues, “Many companies also offer you the option to rent back your home from them once the sale is complete. While this is advantageous for the new owner (as they often take all the rent upfront and have a guaranteed tenant in the property), it is very rarely in the best interests of the seller, unless it is only for a very short period of time. If you can no longer afford to pay the mortgage on your home, then you probably won’t be able to afford the rent either as the new owner has to ensure that the costs on their own finances are more than covered.”
Jackson also went on to highlight the fact that most struggling homeowners who require equity release services are far better off downsizing to a smaller home and either purchasing or renting a cheaper property elsewhere.
SecureASale’s experts have also warned of the dangers of choosing an unreliable buyer. Jackson comments, “If you have found yourself in a position where you absolutely have to rent back your property from the new owner, please ensure that the homebuyer company you choose is a well-capitalised, cash-funded business and research them thoroughly before you take the plunge. This is important as many so-called quick sale, cash for homes experts fail to keep up payments on mortgages they secure on homes they have bought and the property ends up being repossessed by the bank. This leads to the tenant being forced out, often having paid a substantial ‘rent’ upfront to the new owner.
“Whilst an opportunity to release home equity is always tempting, especially when coupled with the idea of remaining in your current property, not every quick sale cash homebuyer has the funding to ensure your dream doesn’t turn into a real life nightmare.”
Whilst overall, rents are likely to continue to fall in line with plunging interest rates, incomes are also falling fast across the UK and job losses and company liquidations are rife. Ensuring you choose the right buy to rent back expert- so you don’t end up homeless and out of pocket- has never been so important. With a surplus of property available for rent thanks to the market crash, renters can, in many ways, take their pick.
For more advice on selling a property in order to rent back or any other property issues, please visit http://www.secureasale.co.uk or ring 020 7117 6001and ask to speak to one of SecureASale’s directors, who have over ten years of experience in the UK property market.
For all press enquiries please contact:
info@secureasale.co.uk
(020) 7117 6001
Head Office:
14b Pond Square
London
N6 6BA
Quick House Sale
Jan
28
Selling and Renting Back Your Home - Top 10 Tips
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Selling and Renting Back your home is an important decision that most people are forced to make under pressure. There are a few things you can do and questions you can ask to avoid making a mistake. These Top 10 Tips are a must read for anyone considering Selling and Renting Back their home.
Ask for (and make sure you get) a Guaranteed Rental Period that suits you. Make sure it is the intention of the Rent Back Company to keep you in your home as long as you want to stay there. If you want to stay long term/indefinitely make sure that there are no break clauses in the tenancy and that you always have the right to renew at the end of each period.
Make sure you have the Option to Buy Back your property in the future and understand how this will be calculated.
Can you Afford the Rent that is being offered? This is an important question to ask yourself when agreeing to a Sell and Rent Back offer. Remember if you don’t keep up with your monthly rent payments you may be asked to leave your home.
Ask and make sure you understand how future Rent Reviews and Increases will be calculated. When are these to take place and what factors will changes in rent be based on?
Remember to Get Everything In Writing. The offer (purchase price and rental), the length of tenancy (and whether this can be renewed), all details of the tenancy (including rent reviews), the buy back option and anything else you agree to should be provided in writing.
Don’t pay any Fees! You shouldn’t have to pay anything when you Sell and Rent Back your home. Be especially wary of companies asking for an upfront “survey fee”.
Choose a reputable Rent Back Company that you trust. Remember you will most likely have a long term relationship with this company, so it is important you like and trust them to do what they say.
Make sure you understand the Tenants Rights and Responsibilities as set out in the Tenancy Agreement. These are the things you will have to adhere to for the course of the tenancy.
Make sure you understand the Landlords Rights and Responsibilities as set out in the Tenancy Agreement. You need to be certain that the landlord will cover major works and repairs that are needed.
If in any doubt seek Independent Legal Advice. If you are unsure about any Sell and Rent Back agreements or documentation make sure you have it explained to you by an impartial third party before signing.
Quick House Sale
Jan
27
How a Mortgage Broker Can Help you
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A home loan is probably the largest debt that an individual or a couple have in their lifetime. Small differences in the details of the loan, such as the interest rate, can make a big difference to the cost over a long period.
Buying a home in London can be a very expensive business. Many workers cannot afford to live there on the wages they earn. For most people the services of a mortgage broker in London are crucial.
A London mortgage broker will represents dozens of lenders and probably has access to thousands of mortgage products. A mortgage broker can customise a loan to the specific needs of a borrower and, unlike a provider you would find in a High Street, is not tied to a particular line of products or set of constraints. A broker can also help negotiate terms that will be more favourable to the borrower than the latter could get directly from a lender. As a mortgage broker in London will do most of the work that a direct lender would do, the broker can get a reduced ‘wholesale’ rate from the lender, which will benefit the borrower.
If a loan is declined by the first lender of choice, then it is simple and emotional for the mortgage broker to repackage and submit the loan to another lender in only a couple of days.
So, if you are a first-time buyer looking around for a mortgage in London or if you have taken out a number of mortgages before, your best bet is to contact a London mortgage broker who will help you find the mortgage that best fits your personal circumstances.
Mortgage brokers will not advertise headline grabbing interest rates, because they have no idea what mortgage rate they will be able to get for their customers. Indeed High Street banks who advertise low mortgage interest rates really don’t know what the rate will be for a customer until all circumstances are known. The difference is that a big bank will advertise a low rate, but will actually have only a limited range of mortgages available, compared with a mortgage broker.
If you are remortgaging in the capital you would also be well advised to look for a London mortgage broker. When you move your home loan to a new lender, but you’re staying in the same property, with a mortgage broker you could reduce your monthly payments, consolidate other loans into your mortgage to give you one payment which is less than the sum of the previous loans. With a remortgage you should be able to clear mortgage arrears on your property and avoid repossession if things are tight. Another reason for remortgaging is to release equity in a property you already own, maybe to pay for an extension or start a business of your own.
There are some potential pitfalls, and a mortgage broker in london would help you avoid these. For example, any savings you make on the interest rate may get partially or wholly eaten up by the transaction charges associated with moving your loan. Your old and new lenders may also demand redemption fees or reservation fees. The new lender will need to value the property, so there will also be surveyors fees, not to mention some conveyancing.
A mortgage broker can take the burden of this work away from you.
Quick House Sale
Jan
27
Your One-stop Heavy Tractor Buying, Selling, and Renting Site!
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At your farm, a heavy tractor is as essential to your daily operations as the sun and the rain. Plowing, disking, harrowing, tilling, planting, and pulling other agricultural heavy equipment would be impossible without the sturdy, dependable heavy tractor. Likewise, the heavy tractor can play a vital role in the construction, demolition, and mining business as dozers, sweeps, and ditch-diggers. So what happens when your heavy tractor stops working?
Repairs to a heavy tractor can easily cost thousands of dollars. A brand new heavy tractor costs $25,000, $50,000, or even $100,000. Heavy equipment is one of the most expensive investments for any farmer or construction company. Buy a few new pieces of machinery and you could easily put your business in debt for years to come—and who’s to say you won’t need another new heavy tractor before you’re able to pay off the first one?
And what if you need a heavy tractor for just one job? Perhaps you’re going to get your reliable heavy tractor repaired, but farming work can’t grind to a halt for the month or so your heavy tractor will be out of commission. Or maybe you have a construction, demolition, or mining job that requires the use of an extra heavy tractor or two and you don’t want to invest in a new heavy tractor only to have to sell it a month or so down the road.
Farmers and construction company owners who do have excess heavy tractors that they no longer use often can’t find buyers for their used heavy construction equipment in the immediate area. With the right buyer or renter, they could sell their used heavy tractors to make back a portion of the price they paid for them or they could lease their heavy tractors on a month-by-month basis, eventually making back more than the heavy tractors originally cost!
If you don’t know who will buy, sell, lease, or rent a heavy tractor in your area, the Internet is the best place to go. If you need a new heavy tractor or you have an extra heavy tractor that’s just taking up space on your farm or business lot, you need to find a reliable used construction equipment classifieds Web site at which you can sell, lease, rent, and buy used heavy equipment for no extra fees.
If you could find a buyer or a seller for a heavy tractor in your area, you wouldn’t have to spend as much as an additional 20% seller’s fee or a 2% buyer’s fee to sell or buy the used heavy equipment, right? Just because you don’t have all the connections to make the purchase or sale of a heavy tractor near you, why should you be penalized by reaching out to the farming and construction community on the World Wide Web?
That’s why a used machinery classifieds Web site that charges absolutely no fees to buyers, sellers, renters, and leasers of used machinery like heavy tractors, is the perfect solution for anyone who deals with heavy tractors. While many used heavy equipment Web sites do charge fees—which, when you’re buying a heavy tractor worth a tens of thousands, can easily reach $10,000 – some sites offer completely free basic memberships to anyone, no matter the price of the used heavy construction equipment that you’re buying, selling, renting, or leasing.
You can find a heavy tractor for sale for as little as $1500! There are also newer and bigger models of heavy tractors that range from $3500 to $50,000, depending on the size and condition of the tractor. Best of all, many heavy tractors are for sale at negotiable prices, so you might get an even better deal with a little salesmanship savvy! As a seller, a negotiable rate might allow you to sell the used heavy tractor for even more than you thought you could, earning you thousands more on the transaction!
If you want to rent or lease a heavy tractor, these sites also have a For Rent section, too. If you don’t see a heavy tractor for sale or for rent that meets your needs, place a free Want Ad and sellers will come to you with their offers. Sellers will find the Want Ads convenient as well, since buyers are already out there waiting to purchase their heavy tractors!
Frequent sellers of heavy tractors and other used heavy equipment can also take advantage of the free company store link option offered by these sites. Easy-to-access contact information and a browsable list of current used machinery up for sale make buyers more likely to make more than one purchase from a seller at a time.
The heavy tractor plays a central role in just about any farming, construction, demolition, or mining operation. Finding a free online used heavy equipment classifieds site can make all the difference in buying, selling, renting, or leasing a heavy tractor. Save thousands, make thousands, and enjoy a smooth, pain-free transaction!
For more resources about used skid steer or even about used heavy equipment please review this page http://www.machineryzone.com
Rent Back
Jan
26
Sell, Rent Back and Then Buy Back
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Home ownership is the most exciting prospect facing young couples and individuals today. Unfortunately, keeping your home is not as easy as it once was. The fluctuating interest rates, shaky economy and high cost of home ownership puts many people in financial jeopardy. If you’re having financial difficulties resulting in being unable to keep up with your mortgage payments, you may be facing foreclosure and repossession of your home. Fortunately, there are ways to stop repossession.
The most important way to try to stop repossession is to stay in contact with your lender. Explaining your financial situation to your lender can allow them to work with you in finding ways to help you including deferral of payments or refinancing for better loan terms. However, sometimes even with these options available, you’ll still find yourself facing repossession. Options you may want to consider to stop repossession is the sell and rent back or the sell and buy back option. Although this process may seem unfamiliar to many, it’s becoming a widely used practice with many advantages, the most obvious being able to stay in their home.
Sell and rent back involves selling your home to a cash buyer. When you’re facing repossession, you usually don’t often have much time from when the foreclosure process begins to when the actual repossession takes place. Keep in mind, however, that you can also stop repossession at any time by paying the arrears on your mortgage. Arrears are the amount that you are past due plus any late fees and fines. Once the repossession takes place, the bank will usually sell your home at public auction to the highest bidder. Many times the home is sold for less than you owe, leaving you still owing the bank money for many years. The best way to stop repossession is to sell your home quickly for cash. This enables you to pay off your mortgage and, often, have leftover cash to do with what you want.
Many sell and rent back companies are available today to help you. They purchase your home at less than the market value and rent it back to you. Although you will be losing equity by selling your home at less than market value, you’ll be able to stay in your home. With the sell and buy back option; you have the option to buy your home back when your financial situation improves. In most sell and buy back options; you can buy your home back below market value. Although this is the most common method used, each company may have a slightly different principle involved. For instance, one company may allow you to buy back your home at the same price they purchased it from you, while another may use a certain percentage such as 85% of market value. Whichever method they use, make sure you get this in writing.
It’s important to always have a contract in sell and rent back or sell and buy back options. Check out the companies you’re considering doing business with. Many unscrupulous companies will offer you full price on your home and a very low rent on your home. They’re not making any money this way so they’d have no reason to offer you this other than to rip you off. What they do is offer you a high price for your home, but any profit after paying off the mortgage will be kept for a few years while you’re renting from them. However, after a year or, possibly less, they evict you for some reason. Because you’re no longer their tenant, you’ve lost the rights to the profit from your home sale as well as the rights to buy back your home. Therefore, be sure of whom you enter into a sell and rent back or sell and buy back offer. Always, insist on a contract and insist they pay any legal fees. If they’re a trustworthy company, they’ll agree to this. One method of determining if you want to do business with this person or company is to ask yourself if this is someone you would want as your landlord for a few years.
If possible, you may want to check with other people that have been involved with this company or person in a sell and buy back or sell and rent back procedure. The internet is a great source of information. Use it to your advantage and do some checking.
There are advantages and disadvantages to sell and rent back or sell and buy back options, so you may want to speak with an attorney for legal advice. In some situations, these options may be your only way to stop repossession and preserve your credit rating. With a good credit rating, you may be able to get a mortgage in the future to buy back your home.
Beese Properties offers all of this to their customers and more. They offer advice on ways to stop repossession. They base their rents on the current rental market, so they do not overcharge their tenants. They work with their tenants to find a solution which meets their needs and offer the buy back solution to them once back on their financial feet. For more information, visit them online at http://www.beeseproperties.com.
Quick House Sale
