Easy Knock Sell & Stay

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delrinson
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Joined: Tue Sep 06, 2016 11:46 am

Easy Knock Sell & Stay

Post by delrinson »

See https://www.easyknock.com/programs/sellstay and https://lendedu.com/blog/how-does-easyknock-work/.

Does anyone have any familiarity with and opinions on sale leaseback programs, particularly Easy Knock?

Our plan is to move in a few years. Seems that, in this very tight housing market with selling prices so high, this would be an intriguing option.

I'm sure this program is mainly designed for people who really need the money...which is not our situation. But, for the right price/rent, why not? Coughing up 2.9% not the end of the world.
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RickBoglehead
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Re: Easy Knock Sell & Stay

Post by RickBoglehead »

We used several services that buy houses to see what our cottage would fetch. Their offers were half... It is for desperate or people that are clueless as to their home's value.
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bob60014
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Re: Easy Knock Sell & Stay

Post by bob60014 »

Agree w/Rick, being for those that are desperate or clueless, though for very few, they "may" be able to make it work to their advantage.
Programs like these always sound a bit slimey....... similar to TitleMax.
Freetime76
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Re: Easy Knock Sell & Stay

Post by Freetime76 »

Let’s say it’s legit, sign-on-the-line, easy-peasy inspection and cheap rent that doesn’t change for a whole year:
What’s your objective?
Do you really want to go from owning to renting, when you already own?
What if you don’t move in 5 years and need to stay?
How much can they raise your rent?
Why not mortgage your house to the eye teeth, instead? Since you’re going to make buckets investing all that cash in The Market, anyway. :D
Why not just sell to get the best market price, either when the time comes, or else rent now?


I don’t even need to read the fine print. No way.
They are on the Better Business Bureau site with reviews.
Please spell out new acronyms. Thank you.
LittleMaggieMae
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Re: Easy Knock Sell & Stay

Post by LittleMaggieMae »

It sounds really expensive.

You go thru the expense of fixing up and selling your home - and then pay market rent to live in your house. I guess you save the cost of moving... and then maybe have a higher monthly expense for the house than when you owned it? (in theory market rent means the landlord makes a profit - which means they probably want rent that's higher than your current PITI amount.... )

I'm guessing the only way the company facilitating this makes money is by paying less for your house and having the seller pay as much as possible to rent it back.

If you want to take advantage of getting as much money out of your house as you can - why not just sell it on the open market - and then find a place to rent? I would think actually selling your house to someone who really, really, really wants to buy your house will get you a higher selling price than someone who wants to buy your house so they can earn a profit from it. You have to clean out your stuff and move eventually no matter if you sell and rent it back or sell and then move into a rental somewhere else.

I'm guessing the service these businesses offer are aimed at people in difficult situations - they need a lot of cash NOW, have no idea of the value of their house, and don't want to have to go thru the effort of selling the house with a realtor along with needing a place to life for a year (probably not much longer) before they move away to somewhere else. I can see someone elderly doing this - they will be moving to assisted living or something and need money up front and when they move - may just leave all their stuff behind - and let the landlord deal with it.

In the past when someone needed a quick sale of a house, they usually could do this using a Realtor and an "as is" agreement with the buyer. I've bought houses that way - and I've had relatives buy houses that way (one relative got a house with most of the furniture and stuff left behind - the owner just packed their suitcase and left after the closing. They left behind relatively nice stuff - rather than trash. ) The seller usually gets more $$ than a flipper would pay - but less than the same house in move in condition with all the maintenance/repairs done. I would think shopping around for a Realtor who was accustom to selling houses in that middle ground would work really well. They either have people looking for such a house or know how to find/connect with those people.
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goodenyou
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Re: Easy Knock Sell & Stay

Post by goodenyou »

I am familiar with their ReLease program. They purchase the home for 90% of the appraised value plus 3% in closing fees. Your obligation is to lease back the home for 18-24 months at market rates. There is an inspection and no need to repair anything as long as no major issues. In some instances, and some markets, it may make sense. They become a landlord and are responsible for all repairs after closing. Closing in less than 30 days. You can PM me, if you would like.
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