There are a number of circumstances where a person owning a property – or who comes into possession of a property – will need to sell their house fast, in exchange for a quick cash offer.
Some homeowners may wish to try a different way to sell their property if they:
- Are unable to sell through a traditional estate agent
- Possess a short lease
- At risk of flooding
Or simply need an easy solution and a quick way to work around issues making their property difficult to sell, including:
Many people are unaware of how a quick house sale can stop their property from being repossessed.
If you’re struggling with mortgage payments, and they start to be missed, a mortgage lender can secure a court order to take over the possession of your home which will then be sold to recover the money owed.
Pay arrears before being credit black-listed
When it becomes clear that mortgage payments and / or arrears are unable to be made, the solution is to try to sell your property before the bank repossesses the property. When you arrange to sell your home for cash in a quick sale you’ll be able to pay mortgage arrears before being credit black-listed.
However, you may find you are unable to sell your house in time due to market conditions, lack of a suitable buyer, or condition of the property.
Clear your mortgage arrears
Repossession of your house is definitely a last resort, as it’s a costly process for lenders, but usually occurs after three or more consecutive missed payments. Lenders will try to arrange an alternative repayment plan to clear your arrears. Any amount, no matter how small, is likely to be agreed as it demonstrates your willingness to make your mortgage arrears a priority.
By selling your house for a quick cash offer, you can release funds within days to help clear your arrears.
Avoiding bankruptcy and the risk of losing your home is always a major worry when struggling with the ongoing financial difficulties of accumulating debt. However, if you sell your house quickly, you can pay off urgent credit card debt or loan repayments.
Selling your house quickly to pay off debt is a positive solution, especially if your home is worth more than the amount owed. There are several key reasons for using the fast selling service of a house buying company including, the size of the debt and to whom it is owed, and whether your financial difficulties are long term or due to a sudden change in circumstances.
A real lifeline to get out of debt
Selling your house as a do-able solution is dependent on how long it will take to find someone who is interested and able to buy your house. Perhaps your house is not in a sellable condition and needs redecoration. There’s never a guarantee that your home will sell – in time – to release funds for paying off your debts.
Calling upon experts in providing a quick house sale can often be a real lifeline to get out of debt. When you’re able to sell your house fast at or just below market value, the cash is made available within days.
Inheriting a property can be very complex and costly indeed, including at the outset, having to deal with wills, probates and inheritance tax.
Where you decide you want or need to sell your inherited property, there can often be the headache and hassle of any number of time-consuming issues, such as:
- Registering the property in your name
- Taking over mortgage repayments
- House insurance
- Costly repairs and refurbishment
- Dealing with tenants
- Routine maintenance
- Utility bills
Taking on an inherited property can take up time you may not have on an ongoing basis, especially if the property is a long distance away from your own home.
It may well be that the property can be readily sold in its current condition, but most house buyers today expect to buy and then move into a property that, despite its age, is complete with modern kitchen and bathroom facilities, at least.
Costly and lengthy refurbishment
An inherited property may require significant costly and lengthy refurbishment in order to sell, which is likely to need your time and presence to project manage the various contractors on-site.
You may decide that you are simply unable or do not want to take on the added responsibilities and often unexpected problems that can come with an inherited property. If you want a prompt and speedy resolution, then you may well decide to use a quick cash sale house buying company.
Emigrating or moving abroad for work means putting your home up for sale and hoping for transfer completion in good time before you depart. With often lengthy times to complete a property purchase, you may be faced with the stressful prospect of continuing the transaction from many miles away.
This may very well be the case if you need to move at shorter notice than you anticipated. In these scenarios, there are always likely to be many loose ends, which you could be forced to tie up from afar.
Cash to kickstart new life abroad
Undoubtedly, a quick house sale is the ideal solution in solving outstanding issues. Plus, there are significant benefits from selling your house rather than keeping it on as rental property, such as freeing yourself from property commitments and receiving a big cash amount within days to kickstart your new life abroad.
The alternative of renting out your house when moving abroad could prove costly in property management fees and the tax liability, including capital gains tax, despite the lure of rental income. In certain cases, you may be taxed on your rental income by both the UK and your new country of residence.
If you’re planning to relocate abroad, using a house sale company for a quick house sale with instant cash, can solve many potential difficulties with the least amount of stress.
Poor Condition/Structural Problems/Landlords
A property in poor condition or has developed structural problems can be more than a potential headache, it can also be a drain on your time and resources.
In some cases, the increasing demands of managing a buy-to-let property can be both a financial and emotional drain. A low yield or underperforming rental property may no longer be worth the constant attention. Particularly, if the property may be vacant or has too many “void” periods.
If the cost of renovation is too prohibitive, you might decide to sell your property as soon as possible. To avoid any further expense not covered by existing rentals you simply want to sell your house fast, particularly as the monies may be immediately needed elsewhere.
Savings on mortgage fees, legal fees, estate agents commission
A professional cash property buying company may offer a price below the market rate but still may compare more favourably against savings on mortgage fees, legal fees, and estate agents commission. A guaranteed fast cash sale and fixed completion date also has the key benefits of minimising council tax and utility bills while the property is empty, plus no property chains or other buyer delays.
An attractive feature of a house fast selling service, is almost certainly to be the 7 -day sale option. Additionally, there is also the benefit of being able to select a date to suit your individual requirements. Either way, access to instant cash from a quick house sale is often a positive solution for a landlord or other rental property owner.
One of the biggest reasons for wanting to sell your house fast as possible, is the desire to move on quickly after a divorce or separation.
- The current need for a quick house sale may be more urgent than ever before.
- More than two in five (42 %) of marriages in England and Wales end in divorce.
- Couples divorcing in England and Wales rose by almost a fifth in 2019, according to The Office for National Statistics.
Owning a property that may no longer be wanted during and after a divorce, can often be felt as prolonging the situation and delaying the process of moving on with your life. There can be a number of complex financial and legal issues that follow the breakdown of a relationship and subsequent divorce, but undoubtedly “what happens to the house” is high up on the list.
A former partner may try to force the other partner out of the home, but until a divorce is finalised, both have the legal right to remain in the house Even once a divorce has been granted, there is no obligation to sell.
However, during a divorce, repayment on a joint mortgage will still need to be made, regardless of who is or isn’t living in the property. Both partners are liable for the debt, and credit ratings can be damaged if mortgage repayments are not met. Having an outstanding joint mortgage following a divorce or separation is always likely to be difficult and stressful.
Selling the house fast is likely to be the most reasonable option
The options for those with a joint mortgage is to retain the property and continue paying the mortgage or put the house up for sale on the open market. Regardless of the circumstances, and particularly if no children are involved, selling the house is likely to be considered the most reasonable and fair option to allow both partners to financially benefit.
It is always recommended considering the value of the property, its condition, time it take to sell on the open market, and whether it may not be more practical to take a cash offer on a quick sale.