Home repossession is one of the biggest fears of almost all home owners living in the UK. According to some recent surveys, it was discovered that currently there are 215,000 properties (4000 homes/week) that are facing the risk of house repossession in England. So, it is not a surprise that about 78% of the UK’s home owners fear the idea of home repossession as far as long-term loans and mortgage are concerned. Fortunately, there is a way to avoid the sticky situation of repossession if you have fallen back on your loan repayments or your mortgage.
Selling your home is one of the easiest and, of course, the fastest ways of gathering the equity that you are in need of. This is definitely the most profitable way to dispose your home before the Bank takes it away. For your convenience, some fast ways to sell your house has been discussed below, so do read on:
Sell your home through an agent
There are many agents and property brokers who can help you when you are facing the risk of home repossession. The brokers will help you by providing you with the best price for your home and they will also take the responsibility of relocating your family to a new place.
It will be the agent who will ascertain the ownership of your home and they will then start the process of marketing your home to their group of investors. With this type of option you can be certain that your home is going to fetch a good price as the agents make sure of it. The reason why they fight so hard to make that happen is because they will take a certain pre-determined fraction of the selling price as his commission for the work that he will do.
Yes, it is true that it comes with a downside which is that the disposal process for your home may take a long time. But, by opting for this method of selling you can be certain that your home will not be repossessed as the brokers will present documents stating that your home is already on an ongoing sale.
Sell your home to cash property buyers
Besides going to an agent, there is also an option to take help from a cash property buyer to sell your house fast. The first step of selling your house to such buyers is making a contact with one. You can go directly to their office or fill up an online form to provide them all the required details about your property. These buyers usually act fast, so within few days you will get a respond from them with an offer in principle based on valuation and contract.
After you accept their offer in principle you will be visited by them and they will arrange for a formal assessment of your home. After getting all the required information about the estimation of your home, they will then offer you their formal offer which is be based on a RICS survey and contract.
After accepting their offer you will get a visit from a RICS qualified surveyor who will inspect your home. If you deal with an efficient company then you get the benefit of this service for free as the buyer will take care of the expense. After this step, you will receive the formal offer in writing and you have the option to take the help of a lawyer to make sure that the contract has no hidden disadvantage.
After signing this contract, the buyer will purchase the property and you will receive the cash. You can use this amount to repay your loans and mortgages or you can let your lawyer handle this part who after making all these payments will hand over the balance to you.
Sell your home yourself
If you do not want to go to an agent or a cash purchase buyer and want to do the selling all by yourself, then you should know that you can do that. But, that may not be the right move. You have to research a lot to figure out a profitable as well as a suitable price for your home. Bedsides this, you also need to deal with lot of legal formalities in order to sell your home efficiently. This may take a long time and so you might not be able to sell your home fast. So, if you have any experience or knowledge about selling property then only go ahead.