Home Company Offers Chance to Buy Now, Sell Later
By: Eric Snyder
February 1, 2011
The depressed value of today’s housing market is a double-edged sword: it’s a great time to buy a house, but a lousy time to sell the one you’re in.
Michigan-based Marketplace Homes, which announced today an expansion into Nashville, claims to offer homeowners the freedom to purchase or build a new home without losing a bundle on their current house using what Marketplace calls a “buy now, sell later” strategy.
Marketplace is entering Nashville through a partnership with Drees Homes. If someone purchases a new home from Drees, Marketplace will lease their previous home for up to six years.
Marketplace serves as a sort of real estate agent/property manager, and handles duties such as renting out the house and overseeing repairs. Marketplace pays its lease whether the home is occupied or not.
According to the company’s website, Marketplace generates revenue by taking a cut of the monthly rental payments and earns a commission if and when the home is sold.