Two nationally recognized REIT executives have launched Sparrow, a residential sale leaseback program for homeowners in the Phoenix metro market. The program allows homeowners to sell their home to Sparrow, receive their equity and then lease back the home for 1 to 10 years. Sellers choose the duration of the lease term. Contrary to traditional resale home offerings, sellers immediately receive their equity but have none of the expenses or hassles of moving. Sparrow provides the additional benefits of maintaining the home and paying insurance, property taxes and HOA fees. The company has obtained financing to purchase homes throughout the Phoenix area.
“Sparrow’s Sale and Lease Back program allows homeowners to receive their equity in order to pay off existing debts, student loans, medical costs, fund tuition, retirement or use for whatever purpose they choose,” said Patrick Whelan, Sparrow co-founder. “We are providing an opportunity for sellers to stay in their homes, enjoy a maintenance-free lifestyle and no longer have the ongoing costs of home ownership.”
Co-founders Patrick Whelan and Jami Schulmanare nationally renowned real estate veterans having acquired and managed more than 75,000 apartment homes and single-family rentals throughout the U.S. They are experienced at operating large single-family rental portfolios and providing premium management services to residents.
The Sparrow program provides potential customers a timely home offer and monthly rent quote, with the company closing on homes in as quickly as 30 days. Home offers and rent quotes reflect values in the seller’s neighborhood and surrounding community. Sparrow’s Sale and Lease Back offering allows for quick access to equity and a more convenient alternative to moving, and is less restrictive than mortgage products such as home equity loans and reverse mortgages.
“You don’t have to own your home to call it home,” said Jami Schulman, Sparrow co-founder. “For many residents, remaining in their homes and receiving their equity is more of a priority than home ownership.”
Phoenix area residents interested in receiving a Sparrow Home Offer and Rent Quote can submit their request at www.SparrowNow.com or call 877-881-8484. Home offers and rent quotes are provided within two business days.