I want to sell my house quickly as I am about to be repossessed from a London premises, so what can I do?
When you are experiencing repossession from a London property and want to sell immediately, you do actually have choices that are fast and efficient. There's no point worrying about a pending London repossession if there's the best, quick, safe and effective way of getting out of it or stopping it immediately.
At the end of the day, banks are only concerned about 1 thing - getting their mortgage payments. If you are about to be repossessed, what do you think is the fastest way of stopping the bank having the bailiffs kick you out? PAY THEM!
But it is easier in theory. Where will you get the bucks from? You have not been able to get it so far, how do you think you'll be able to get it to prevent them from repossessing?
The best option is to sell...fast! Most people will realize they need to "sell my house quickly" but don't know how to do this. Mum and dad buyers are not the place to go to if you want to sell your property quickly. Most "mum and dad's" rely on bank finance to buy and this is slow and difficult to get at the moment. So one of the better ways of stopping a repossession is to use a property buying company who would be prepared to buy your property quickly, and would be able to buy it at full mortgage price.
Within lies another potential drawback. Almost all property buying corporations will request a discount to buy your property, normally a very big one. This cut price can be around 30% of today's cost. This is not notably beneficial to many home sellers who have little, no or negative equity on their house. A lot of sellers currently find it hard to sell since their home value has reduced below their house loan cost, therefore a property buying company that request for rate reductions is probably not the way to go.
When you need to prevent a repossession fast, use a home buying business who'd be ready to buy your property at the full home loan price, even if it is below the current purchase cost.
These companies are a little less frequent compared to the regular house buying ones, nevertheless they can come in and pay the home loan immediately, and keep paying it before your property cost increases and they're able to sell your house over its mortgage fee. Using this method they get paid for salvaging your cash!
Quote, don't assume all house buying organizations are made similarly and most only buy if the deal cost is low enough. You should definitely choose one that can guarantee they will buy it at a 100 % house loan price, as time is normally an issue in these situations so it is best to ask this question upfront.
Property buying companies are not charities, they are in fact businesses, so they need to be able to find a way to get paid. These companies will make your payments of your arrears and continue to make your mortgage payments until they are able to sell your property. They usually agree a sale price before they start making your payments, but you get to move out of your property and go on with your life.
The good thing for people who make use of this technique to prevent repossession is the fact that these home buying corporations can buy 9 out of 10 properties at their full home loan worth, and they can be a great option to think about when trying to prevent an ugly growing London repossession.
