5 Steps to Sell and Stay in House
There are ways you can manage your current status with your home, even with financial changes. If you need to alter your lending program, then you can consider ways to sell and stay in house. This offers leverage to assist you in managing the finances that you need while allowing you to maintain your lifestyle. Following are five steps you can take to find a way to keep your property after a sale.
1. Plan Ahead. You can easily find a way to sell and stay in house by knowing what types of agreements are available and planning ahead. You will want to look at programs and opportunities that allow you to change your current lending program for your property, specifically so you can plan your financial needs for the future.
2. Short Sell Your Property. The next step to sell and stay in house is to short sell your property. If you are in financial distress, then this will stop late payments and the default of your loan. A short sale allows you to stop the lending issues within 90 days, preventing the foreclosure process.
3. Start New Agreements. You will want to find a short sale agent that has the capacity of allowing you to sell and stay in house. Many will offer different conditions through a rental agreement, that allows you to rent back the home from the agent. This provides you with a market value payment while allowing you to maintain your property indefinitely.
4. Look At New Opportunities. After entering a rental agreement, you will want to look at other options to sell and stay in house. For instance, there are options where you can enter a rent to own agreement, specifically which provides you with an initial rental condition. After a period of time, you can buy back your home to begin a new lease with the property you have.
5. Keep Updated Terms. With the ability to sell and stay in house, you will want to keep maintaining terms and finding new opportunities for your property. Management conditions, market value payments and the ability to change your lease options are some of the legal conditions you will want to look into for your home.
If you are facing foreclosure, then you can change the conditions. You can sell and stay in house with simple steps to change the alternatives with your property. Understanding how to alter the lease terms of your home, reverse your credit and maintain your home allows you to continue to keep the lifestyle you desire.