May
15
Is a lease buy back program for my home a good idea?
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My house is in forbearance and someone offered the option of a lease buy back program where an investor comes in and buys my home and then I lease it from him for 12 to 24 months with extra cash out then I would buy it back. Is this safe? Can he just end up keeping my home? Do I pay him rent? Can I buy it back at the same price? I need some advice quickly please. Thank you in advance!
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2 Comments
March 25th, 2009 at 11:49 pm
You ask too many questions at once. All of the things you mentioned are possible. It is also possible for each of them to turn into a NO.
The lease/buyback people are there to make money, not because they care. You are going to have to look at the papers real carefully. It would be a good idea if a realeasate lawyer would look at them too. After all your house is riding on this.
March 27th, 2009 at 7:45 am
DON’T DO IT!!
Come up with a plan with the mortgage company, do a deed-in-lieu and walk away, anything…just do not trust lease buy back programs. I knew, unfortunately, some real estate brokers that did this and KNOWINGLY stole people’s homes. They have since been convicted of 14 counts of fraud, but still don’t risk it.
It isn’t safe.
They can keep your home, because they are in charge of the loan. They may not send you your invoices in a timely fashion, making you late. You may not understand the loan terms and unwittingly give up your house and not know it. They could evict you from your only home at any time because you aren’t on the loan or title - you basically lease from them.
Yes, you pay them rent. No, you cannot buy it back at the same price - they will want full market value.