Let us see how you solve the puzzle. Richard Wilson, a retired British Army General had bought 25, Maryland Apartment on Peacock Lane, Birmingham last year. He made good friends of his neighbors and was well known in the neighborhood. Everyone saw him traveling to the local bank on the last Fridays of every month to pay the mortgages for the house which he famously called his "base camp for life". Suddenly after a year no one found him traveling to the local bank on Fridays. Everyone wondered if he had paid the full price of the house at once. But that was not the case. Can you guess what happened?
From unknown sources Richard's neighbors came to know that he had sold off his home as he could not pay his mortgages any more. But they wondered that if he had sold off his apartment, how could he be still residing there?
Well, he took the help of real estate agencies offering the "sell and rent back" schemes. A scheme that helps you to stay in your house even after you have sold it off. Even your neighbors do not come to know of it, as General Richard's didn't.
The agencies offering this scheme will come and inspect your house once you get in touch with them. You do not have to worry about cleaning and painting your house for them because its you who is going to reside in the house even after you have sold it off - but as tenants.
Once the agencies are satisfied after inspection a deal is drawn between the buyer (that is the agencies) and the seller (that is you). The "lock-in" deal specifies the price of the apartment/house, the rent you have to pay and the period of tenancy. Initially a one year or a five year tenancy agreement is drawn which might later be extended by mutual agreement only. Once this is done, the legal formalities will be taken care by the agencies/buyers. You will receive the cash within a maximum of 2 weeks of selling the house. The entire formalities will not take more than 3 weeks to be completed.
Your main duty includes keeping the place clean and intact as it no longer belongs to you and to pay the utility bills regularly.
This scheme is helpful to all those who have to sell their properties immediately but cannot move out of the house for some time. As for example you might need the cash locked up in your old apartment to buy a new one; but would not be able to move into it immediately. Again, paying the bank mortgages might be a problem, so you have to sell your house but cannot move out of it etc. Avail the scheme and you will be satisfied.
Jane has extensive experience in the UK real estate market. She does a lot of research work regarding this and is a regular reader of various articles based on the UK real estate market how2sellmyhousefast.co.uk Sell And Rent Back
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