New Rules in Play For Sale and Rent Back

The UK government through the Financial Services Authority seems to have come to the rescue of home owners who after facing serious financial difficulties end up selling their homes through the sell and rent back scheme. It may appear that even though there were genuine business people who bought homes under this scheme, there were some unscrupulous dealers who took advantage of the vulnerable home owners and ended up harassing them. This will make it possible for anyone entering such a scheme to be assured of a roof over their head during the stipulated time they sign with the buyer who becomes the new landlord. Apart from coming in to put swift measures that need to be followed, the FSA will also be able to take punitive measures on those firms that do not conduct their business by following the rules of the book. Chief among them was that the former home owners could rent back their homes for up to five years.

The real aim of the rules that began applying in July 2009 is to make sure firms tell the whole truth to the prospective sellers and really explain things in black and white so that there are no hidden clauses in the agreement that would end up hurting the property sellers. The rules regarding the sale and rent back have gone ahead to deter businesses from doing high pressure advertising that did not bring all the information on the table and in the case someone enters an agreement there should a two week provision where the seller could actually change their mind. It may appear that such deals actually left a bitter taste in many people’s mouths where former home owners found themselves not only broke but also homeless overnight because their new landlords reneged on agreements they signed in good faith. The FSA simply wants to make sure that no one is lured to sign a deal that will place them in more trouble than they were in simply because they were unable to service their mortgages or loans.

The sell and rent back schemes are really such a lucrative business for the investors because they would buy a property at close to 70% of the market value and due to greed they would quickly want to evict the owners turned tenants so as to make a huge profit by selling it to a new person again. This led to recommendations that were brought up by the Office of Fair Trading that really something was going wrong out there; since most of the customers for the sell and rent back schemes were people mainly facing repossessions. With the new regulations in the book it will be now better and safer for anyone facing financial challenges to sell their homes in this scheme and be assured of a roof over their heads while they try to get back to their feet financially.

That means therefore that any home owner who wishes to sell should take it upon themselves to check first that the company they are dealing with is actually registered with FSA and have interim authorisation. The word for everyone to remember is that they have a window period of up to five years during which they can stay in their houses as tenants as long as they pay the agreed rent and therefore there should not be a fear of being evicted sooner than later. Even though people may enter the sell and rent back situation as last option, they should at least be sure that someone cares for them and has made sure that no one is going to harass them, since losing a home is not a very easy thing to deal with as it were.

Why Greeley Homes For Sale And Rent Are Preferred By Retirees

Greeley has become home to a number of retired individuals and has benefited from a host of other community services such as accessible transportation, meals on wheels, Greeley Senior Activity Center programs and much more. If a Greeley real estate is not purchased, there is still a wide range of care available from nursing homes and assisted living to senior apartment complexes and home health services depending on the level of need.

Rental Housing For Retirees. For the past several years, a greater proportion of rental accommodation has been devoted to a variety of retirement housing types. The retirement apartment, for example, is an independent living unit within a retirement community. These units are typically efficiency, one, or two bedroom apartments.

Other Community Services. Additional services such as transportation, some or all meals, and social/health activities are provided to meet the needs of elderly, but generally healthy residents. Six independent retirement apartments are included in the Greeley Multi-Family Housing Survey, but the demand for this type of residence is growing as the population ages.

Assisted Living Quarters. Assisted living quarters have also grown recently, with six facilities currently in operation. They are not, however, included in this report because they are considered group quarters. Generally, assisted living complexes accommodate residents who need moderate health care services (help with medications, for example) and assistance with daily activities. Usually, assisted living quarters include a private room and bath for each resident with common areas for dining and social activities.

Health Care. The health and well being of Greeley is served by a medical community of physicians and caregivers in any specialty. North Colorado Medical Center known as NCMC, is a regionally fully accredited non for profit facility is licensed to operate 398 beds, with a 128 million dollar expansion NCMC offers highly specialized cancer treatment, comprehensive regional heart care programs, the Montford Family Birth Center with a level 2 neonatal intensive care unit and a level 2 trauma and emergency services center.

Government Loans. If you are an owner of a commercial building in the City’s Redevelopment District, you are eligible for a low interest loan assistance called ‘Commercial Property Facade Improvement Loan’ for certain building facade improvement projects. You can have a maximum loan amount of $50,000 if your property is adequately secured. Loans are amortized at 2% interest rate with up to 5-years to repay.

Meanwhile, the Greeley Urban Renewal Authority (GURA) for the City of Greeley is accepting applications for the 2011 Community Development Block Grant (CDBG) funds starting June 1, 2010. The CDBG application process is part of the Consolidated Plan, which outlines community priorities and activities serving target neighborhoods and populations, and consistent with federal Department of Housing and Urban Development (HUD) standards.

Greeley has often been rated in the national press as one of the best retirement and living communities available anywhere and one of its major attributes is the variety and low cost of the available real estate in the area. The factors mentioned in this article are just some of the reasons why Greeley is rated as one of the top 8 places in the nation to retire. With a Greeley real estate, you can find what you need in a lifestyle you’ll lead.