Selling property is never fast and easy. The housing market
in England and Wales is flooded with distress properties.
The UK property market is slowing and prices are flat. Most
property sellers are never able to sell their property at
asking price. Buyers need to be very patient in awaiting a
buyer who is willing to meet the price that you are asking
for.
If you are not in a position to wait, perhaps due to an
impending repossession or a relocation need, then the fast
house sale option is available. Admittedly, the easiest way
to stop foreclosure or repossession on your home is to sell
it at a quick property sale. A quick sale on your house
could help you through financially difficult times and
there are some companies that specialize in buying houses
fast. Some quick sale companies will still even purchase a
property a few hours before the scheduled foreclosure.
The ability to stop the repossession of your home can seem
quite daunting, but it is possible. Money from the sale of
your home is immediately released. You could then use this
to pay off debts to stop a foreclosure or to start off a
new chapter in your life with financial security and no
threat of foreclosure.
How quick sale works
Repossession is a sad fate that most of us want to avoid.
However, with the rising interest rates, sometimes
foreclosure is inevitable. A repossession sale would not
only put you out of your house and home, the mortgagor
could sell your home for a price well below its market
value and still leave you liable for the difference between
the amount your home was sold for and the balance. Not only
do you lose a valuable asset, you still have penalties and
fees to pay. The good news is, there are ways to stop your
home from being repossessed.
For someone in dire need of financial resources, the usual
option is to obtain a cash loan to pay off arrears on the
mortgage. Most of the time, this is a bad idea considering
the high interest rate. Your financial problem could
escalate in the upcoming months. For many, a feasible
option would be to just sell their home or a property
quickly in order to evade foreclosure. Quick sale companies
purchase your property so you can pay off your loan.
Since time is of the essence, you do not have months to
wait for a buyer to purchase your property at the asking
price. Through the quick sale scheme, you can sell your
house fast and use the equity to pay off your debts.
Moreover, many quick sale companies offer the option to
either move on to another house or let-back the property
for months or even years. Some schemes even have a buy-back
option that gives you the opportunity to buy back the house
at a later date. The quick loan scheme is a very viable
option and an easy one to find, as there are numerous
investors hunting for good rental deals.
Of course, make sure to find a credible quick sale company
or a reputable investor. Even though you are in a hurry,
negotiate for a reasonably discounted buy out price based
on the condition of your home and its potential for rental
income. Most of the time, a quick sale works to the
advantage of the property owner. Not only will the investor
stop repossession and pay off arrears, many allow the home
owner to stay on in his home at a fairly-priced rent
comparable to those in the neighborhood.
With the right quick loan arrangement, not only do you
successfully stop repossession on your home but you can
remain in the same house, protected by the rights of a
standard tenant. Your housing costs would be limited to
rent, utilities, insurance and council tax. Best of all,
your credit record will remain spotless, and allow you the
opportunity to purchase another home in the future.
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Parmdeep Vadesha is a property investment expert and
founder of the largest community of property entrepreneurs
on the web who buy below market value properties from
distressed homeowners facing repossession, divorce and
bankruptcy. He writes a monthly newsletter for over 70,000
property investors worldwide -
http://www.Property-System.com
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