Unemployment, sickness and accident can cause financial difficulties for people and make it difficult for them to meet their mortgage repayment schedules on time. This in turn increases the risk of them losing their home. Those who have taken insurance coverage to protect their mortgage payments may be able to prefer a claim and manage payments for a specified period of time of up to two years. On the other hand, repossession looms large over those who have not taken any insurance coverage for monthly mortgage payments.
The most common reason as to why people default mortgage payments is unemployment. Another reason for defaulting mortgage payments is their inability to raise funds for carrying out urgent repairs to their property, while continuing to make the mortgage payments. As many as 100,000 people lose their homes every year in the UK because of missing mortgage repayments. If you are a person who has fallen into such a trap, it is important to have a clear understanding of how to sell your house quickly to prevent repossession.
Selling Your Home – Traditional Way Vs Using a House Purchase Company
If you want to avoid the negative effects that repossession can bring about, the best option is to sell your home. However, it takes a lot of time, sometimes as long as six weeks, to sell it in the traditional manner. On the other hand, house purchase companies help you to stop repossession by buying your house from you in a matter of a few days’ time. In general, these companies don’t ask their clients to pay any kind of fees during the processing period, which is a great thing especially when you are strapped for cash. Additionally, they guarantee to transfer 100% market sale price in cash to your account.
How Do House Purchase Companies Work
House purchase companies provide you with a cash offer to buy your house in just about 24 hours after you contact them. The value of your home is worked out with the help of using automated systems, taking into consideration the values of other properties in the market that are put up for sale and the price at which similar properties have been recently sold in your area.
These companies then approach the Royal Institution of Chartered Surveyors (RICS) to get them to visit your property at the earliest, typically within two days. The valuation of your property by RICS is often offered free of charge.
On completion of the evaluation of your property by the RICS, they formalise the offer made to you earlier. This is when the solicitors come into the fray to handle all of the legal work known as conveyancing that is involved. House purchase companies also take care of all the legal fees that have to be paid. As soon as conveyancing is completed, the house purchase company completes the buying process of your property and credits cash into your account. Sellers often receive the sales proceeds in cash in about 14 days.
In addition to signing contracts and handling specific queries by the solicitors, they will deal with a large part of the paperwork involved. They also ensure 100 percent confidentiality. This means that a for sale’ sign board will be put up in front of your property. Additionally, no other advertisement to sell your house will be put up locally. Further, details of the sale will not be made available on any website. In general, such companies handle all types of properties. The current condition of your home is also not a matter of concern for most of the house purchasing companies.
Summarizing, the answer to the question how to sell your house quickly to prevent repossession’ is that you should seek the help of reputed companies that are involved in the business of buying homes. While this approach would help you to dispose of your house in about 15 to 30 days’ time, the traditional method of selling properties can be a long drawn process. Some companies may be willing to help you even if the process of repossession has already been initiated. In these troubled times, the risk of your house getting repossessed is a threat that many families and households have to deal with, but there is no need to lose hope.