This year we have successfully conducted several short sale transactions where the home owner conducts a short sale to a nonprofit, rents their home for a period of time and buys it back at a predetermined price when they are in a financial position to do so. We call this-
The Dream Home Saver Program!
This means that the homeowner never has to move.
The banks are beginning to waive the arm’s length transaction form based on our process. Now we are seeing the banks be more flexible in allowing homeowners to stay in their homes. Although some banks are not allowing the transaction, a number of banks are in agreement.
But for those homeowners who do not want to move and still have the income to stay and rent their own home (for typically hundreds of dollars less than they were paying in a mortgage), it is a viable option to investigate.
Please look at the link below for more information or feel free to give us a call to discuss your specific situation and to see if you can qualify for this program.
Also, Investors can participate in this program by taking a chance on the homeowners that need to short sale, and as a result, the investor gets higher than normal market value rents, recieves a dedicated tenant who will maintain the home for approx 3 years, and then the investor has an exit strategy with a great yield at the end.
See our link for some of the homes that are available now!