MONROE, La. (KNOE) – Jo Ann Deal with the Better Business Bureau joined Good Morning ArkLaMiss to educate the community about the dangers of participating in a sale-leaseback.
Deal says ads to sell your home and then rent it back may seem like a simple and risk-free way to get cash upfront and stay in your home, but the truth is that these agreements are far from risk-free.
According to Deal, when someone agrees to a sale-leaseback, they are selling their home and becoming a renter.
“The risks are hidden in the fine print of complicated contracts and include heft fees, exorbitant rent which will go up and even eviction from your home if you can’t afford to pay,” Deal says.
Deal offers the following advice if you are considering a sale-leaseback:
- Take your time – If a buyer pressures you to act immediately, walk away. Selling your home is …