Learn About the Sell and Stay Program
What is the Sell and Stay Program?
A sell and stay program stops foreclosure by using a sale and leaseback agreement. Under the terms of a sale and leaseback agreement, a homeowner agrees to sell their home to a home cash buyer, the home cash buyer pays the lender what is owed, pays the rest of the purchase price to the seller, and then leases the home back to the original owner for up to 6 months. This immediately stops the foreclosure, and the homeowner remains living in the home.
How it Works
The program is simple but very effective in stopping foreclosure and allowing the family to remain living in the home. Here are some key features:
- To prevent the foreclosure, the lender is paid the outstanding mortgage payments and fees.
- The homeowner is paid the fair value of the home minus closing cost, the amount paid to the lender to stop foreclosure and to remove all liens.
- Ownership of the home transfers to the home cash buyer, simultaneously, the family is given a leaseback so they can remain living in the home while they prepare for the next step in their life’s journey.
To properly implement the program, there is a fair amount of paperwork that takes 7 to 10 days to complete. So if you are facing foreclosure, you want to be sure you do not wait until the last moment to initiate the sell and stay process.
Who Offers this Program?
The sell and stay leaseback program is unique and is only offered by a few real estate holding companies, like OutFactors. The program is designed with the homeowner in mind, with a super simple application process and fast approval. Best of all, when you work with a home cash buyer like OutFactors, there are no credit or income qualifications.
Pros and Cons
Pros of a Sell and Stay Program
There are many pros to the sell and stay method that you should consider including:
- The program will prevent foreclosure and any equity is preserved.
- You get paid cash for the remaining equity in your home.
- Your credit rating is not only protected from further deterioration but will improve with payment of the past due mortgage payments.
- If your home needs repairs or improvement, the home cash buyer will complete the work at their expense. They will also pay for all future major repairs and maintenance.
- All future insurance and real estate taxes will be paid by the home cash buyer.
- You do not need to move out immediately. You have the time needed to prepare for the next step in your life’s journey.
- There are no credit or income requirements.
As you can see, a sell and stay leaseback program has many appealing benefits that may be the right solution for your family, but there are a few things that you need to be aware of.
Cons of a Sell and Stay Program
Here are some of the cons you need to take into consideration:
- As is typical with residential leases, a security deposit is required.
- You will be paying rent to the home cash buyer.
- Under a lease, changes to the property are limited to what is allowed in the lease.
- If you do not make the rent payments, you will be evicted.
- In many cases, the home cash buyer real estate company will require that you perform most minor home maintenance while they cover all major repairs and replacements.
Although there are some definite drawbacks, a sell and stay leaseback program is one of the very few options that will prevent the foreclosure and allow you to remain living in the home.
Is a Sell and Stay Program Right for You?
This is a great program that can be a win-win for many families but make sure you carefully weigh the pros and cons before deciding a sell and stay program is right for you. We recommend that you only work with experienced companies that buy houses, like OutFactors, who will answer all your questions and put everything in writing.
Want More Information on the OutFactors Sell and Stay Program?
Sooner or later, we all hit a rough patch. With the sell and stay program offered by OutFactors, you can prevent foreclosure and get the time you need to work out your financial challenges. We are a very experienced home cash buyer that will treat you with the utmost respect and dignity.
Getting an offer from OutFactors only takes about 2 minutes, is absolutely free with no obligation or surprises, and personal information is NOT required. Yes, that is correct. No email address, no telephone number – not even your name. So get a great cash offer in 2 minutes by clicking here!
You have nothing to lose so let’s get started now…
If you have questions or would like additional information on how our program will prevent foreclosure, we invite you to visit OutFactors.com, and if you are ready to get your sell and stay offer click here. We are the cash for home buyer you can trust.
We hope this article is informative and provides you with another option to prevent foreclosure that you may not have been aware of previously.
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Sell & Stay Leaseback Program Stop Foreclosure | OutFactors – Dallas Fort Worth, Texas