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costly mistakes
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Quick Sales And Repossession In The UK
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Quick Sales And Repossession In the UK

Home owners facing possible repossession understandably feel under the gun and are prone to make costly mistakes. Stress is an understatement and many feel as though their options have run out. But, not all homes that are in the repossession process make it through to the final stage. In fact, many are calm enough to get the facts and know their rights. Some even manage to sell their homes well in advance before any finalizations can be made on an eviction notice from their lender.

Enter the ‘quick sale or short sale’ – an unlikely partnership is formed and the outcome for both parties involved is favourable. However, most home owners will understandably be apprehensive and a bit nervous about the whole affair. To answer the BIG question – Yes, your home will be bought for considerably less than the market value. But, you must remember and understand that this option halts repossession in its tracks and can save your credit rating, giving you the second chance you need and want.

Let’s go back to the beginning before offering some advice about short sales and whether it’s the right thing to do.

Why does repossession happen?

There are many reasons why home owners fall behind in their mortgage payments. Most are legitimate reasons with unavoidable problems that sometimes pop up in everyone’s life. It could be a divorce, job loss, or even an untimely death. In most cases your lender will understand and try their best to assist you in making payments to keep afloat. No legal lender or bank wants to repossess your home, in fact it’s just as much as a loss to them as it is to you. This is why it’s so important to keep in constant contact with your lender if you run into some problems.

Ignoring the problem, avoiding phone calls and ignoring the mail will get you nowhere fast but on the curb without a home. But what if there is no chance of getting caught up or you simply do not have the money to continue? This is where a short sale or quick sell comes into play.

What is a Short Sale?

Basically a short sale is a property that sells for less than the mortgage balance owing. Not all properties will qualify for a short sale, especially in a lender or banks eyes. If however your lender feels it is in their best interest to do so, they will grant you a short sale to get you out.

Most short sale transactions are handled by agents or real estate companies who make it their specialty Generally, for a short sale to happen or be approved, there are four key points that must be examined.

1. Negative equity (‘Underwater’ home for our American friends)

2. A bank willing to do the short sale

3. A home owner with hardship (Broke and can no longer make mortgage payments)

4. A buyer who is willing to purchase the home

As you can probably already determine, getting involved with a quick sale can be stressful. There are always going to be hurdles to jump when trying to solve your problems as quick as possible. However, we are here to talk about number four on the list – A buyer willing to purchase.

There are several companies across the UK and America who specialize in stopping the repossession process and purchasing your home. Finding out if you qualify is fast and easy. The best part is these companies can legally purchase your home in a matter of days. We understand that taking a loss on your home was not what you envisioned earlier on in life. Sometimes circumstances can get the better of us, but at least helpful options are available. The important thing is by using a quick sale company, you can save avoid repossession and save your credit rating.

Street Talk

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