When people come to selling their house, they immediately think about visiting an estate agent. But sometimes using an estate agent isn’t the quickest way to get a quick property sale. There are some alternative house sale techniques out in the market that are becoming more and more popular. Some people feel that estate agent fees are ridiculous, solicitors charge too much and showing your home to people is a lot of hassle.
Other people are in more dire situations where they need cash fast, whether is due to debts, facing repossession or needing a quick sale due to divorce. The whole selling process can be extremely stressful and cause people a great deal of worry.
There is a new trend in the property market at the moment for companies to buy property direct from owners and quickly, without hassle and for cash. The only real drawback is they offer less than the market value for the property, but many people in certain situations accept this as they need the sale to be completed quickly.
There are plenty of advantages to using a cash for property firm; You don’t have to put up with people snooping around your house looking to see if they want to buy it. The companies will usually make you a cash offer within days of viewing the property. They will cover legal fees and using them in the first place will eliminate estate agent fees you would normally have to pay. The whole process is more discreet as you do not have to display a “for sale” sign in front of your house for weeks or months that can lead to unwanted attention.
There is also a sell and rent back option that a lot of firms offer that still allow you to get cash to pay off debts but still will then let you rent back your property from them at local rates, which is a great option if you do not want to leave the area.
Alternative quick property sales are not for everyone, but for the people who need to move quickly and need cash they are a god send.
The Credit Crunch has meant that most if not all sub-prime mortgage companies have been forced to withdraw many of the Bad Credit Mortgages that were, until now, easily available. We have noticed a sudden, radical change in what is currently available to the home loan consumer in the UK and this has taken place in last few months.
If you are aware that you are going to need a new mortgage; make sure that you start the process far before the date on which you require your money; giving yourself at least 3 months or so to find the right mortgage deal for your needs is very advisable as it is going to take you far longer than it used to.
Some companies may well be advertising attractive interest rates but be aware that these may not be obtainable unless you have extremely good credit (which is a rarity these days!). If you happen to have a lower than good credit rating you are unlikely to find that you can get these rates. Often there may well be a large arrangement fee to be paid in order to get these mortgages.
First time buyers looking for their first mortgage are going to find that the initial deposits that the mortgage companies require are going to be far larger than before and the income multiple used in the calculation has been severely reduced. Always try to calculate what you are sure you can really afford way before you make any mortgage applications. If your current great mortgage deal is about to come to an end then you should concider contacting The Mortgage Shop for some impartial professional help and advice, as they will know the best deals currently available for you to apply for.
According to recent figures, the amount of UK house repossessions has risen by 48% in the first half of 2008 to all time new high. 18,900 homes have been repossessed by mortgage lenders when the owners couldn’t make mortgage repayments. This figure is apparently 0.16% of all mortgages in the UK.
The Council of Mortgage Lenders have predicted that around 45,000 houses will be repossessed by the end of 2008 due to borrowers struggling in the current financial climate to make payments.
But the financial services authority has warned lenders that some mortgage lenders are being far too eager to take borrowers to court.
CML has said that the current data is still low compared to the entire mortgage market and is only half of what is expected from the early 90’s housing market crash.
Mortgages that are three months in arrears or more have risen by 29% year on year making 1.33% of all home loans and mortgages with more than 6 months in arrears is 0.58% of all loans.
Click here for more information on how to stop repossession and cash for property services.