Stop Repossession With a Quick Sale

For many families, the threat of having their house repossessed is a harsh reality in the current economic climate. If you’ve fallen behind with your mortgage payments, and haven’t been able to reach an agreement with your lender to repay the debt, your only option to stop repossession might be to try and get a quick sale for your property. Even if your lender has started proceedings to try and get you out of your house, if you take control of the situation, you could negotiate a good deal for your property, before the bank sells it for you.

If you don’t take steps to stop repossession and wait until you’re evicted, or simply hand the keys back to your lender and walk away from your house, you might find your problems only get worse. Once the bank takes possession, they will usually sell your house at auction, often getting a much lower price than if you’d sold it yourself. Plus, you will be liable for the difference between the auction sale price and what you owed. But selling your house is never the easiest thing to do, so when you have the added pressure of trying to stop repossession from taking your biggest asset away from you, what’s the best way to get a quick sale?

The usual method of going through an Estate Agent to sell your house might seem like a good option, but most house sales can take up to 3 months, and that may not be quick enough to stop repossession. Because you want a quick sale, you might have to set your asking price substantially below the market value, and as buyers rarely offer the asking price, you could end up with a lot less than you need. Even if the agent does find a buyer that agrees to pay what your house is worth, if they have to sell their house as well, the process could take much longer, and even fall through altogether.

So what are the alternatives? Well, there are organisations who are able to help homeowners who are trying to stop repossession by getting a quick sale for their house. These businesses will buy your house for cash, and look to complete the sale within a fraction of the time it usually takes, sometimes in a matter of days. Most of these companies know the pressure that repossession puts on families, and try to do everything they can to make the process as quick and easy as possible, while still making sure you get a fair price for your property.

There are plenty of organisations like this that can help you, but make sure you carry out some basic checks to ensure you are working with a reputable business. They should be using surveyors who are RICS (Royal Institute of Chartered Surveyors) qualified to value your property, so you get a true market valuation. There should be no hidden fees or charges – in most cases they will usually cover all the legal and valuation fees, and of course you won’t have to pay any Estate Agents’ fees – in fact most of the time, you shouldn’t have to pay anything at all.

Companies that will arrange a quick sale for you will usually offer slightly below the market value for your property, and you may want to shop around for the best offer. While you might not get the same price as you would if you sold your house the traditional way, and you usually need enough equity in your property so the purchase price will cover what you owe, these businesses can be a genuine way to stop repossession and offer a real alternative to anyone struggling to pay their mortgage.