Auction Property For Sale February

Auction Property – February 1st 2011

This property auction house for sale is located in the rural village of Meltham, on the outskirts of Huddersfield. It’s perfectly located for Manchester, Oldham, Leeds and Bradford and it’s an easy route to connect with the local motorway networks – M1 and the M62.

Property Type: Three bedroomed terrace

Area/Address:  5 Nab Crescent, Meltham, Holmfirth, West Yorkshire, HD9

Guide Price: £65,000

Average Local Area Selling Price: £95,000

Freehold/Leasehold: Freehold

Potential: Buy-to-let, family or first time investors

Local Amenities: See below

Auction Date: Friday 25th February 2011 at 12:00 PM

Venue: Haydock Park Racecourse

The village possesses a diverse array of amenities:

  • Morrisons supermarket
  • Health Centre
  • Chemists
  • Petrol station
  • Butchers
  • Pubs and take-aways
  • Schools – with a bus service available to two high schools in neighbouring villages
  • Vetrinary surgeon
  • A variety of cash machines, a bustling village centre, flower shops, newsagents and more.

Description

Three bedroom terraced property,double glazed, central heated, drive and gardens to fron and rear.

Downstairs comprises: large kitchen/dining room, generous sized lounge

Upstairs: three bedrooms, two double, one single, three piece house bathroom, shower-over bath

External: small rear garden, front garden includes private driveway, lawn area and a garden shed.

Based on the available literature the property will need some decorative work to bring it up to modern standards. Structural defects are not known; therefore a thorough inspection is advised.

Available to download: Full brochure, Energy Performance Certificate.

Property Auction Website: Reeds Rains

More Buyers Search for Repossessed Houses for Sale in the UK

Even with the numbers of house repossessions seemingly on a downward

repossessed housestrend over the last few months, there are still thousands of repossessed houses for sale in every county in the UK. Given the way the UK’s economy is right now, that is unlikely to change in the near future.

Most would agree that while it’s a sad fact that there will always be those who, for whatever reason, get behind on their mortgages and end up subject to repossession orders, these repossessed houses need to be sold so that banks can recoup their debt – and there need to be buyers out there who want to purchase them.

Of course, there will always be property investors scouring upcoming house auctions on the look out for repossed houses to do up and sell on or rent out, but the numbers of “ordinary” residential buyers stepping into the world of the property auction looking for cheap houses for sale is also on the increase and it’s really not surprising.

Given that house prices are now on average nearly 10 times the average yearly salary, (Average UK House Price = £246,000 vs Average UK Salary = £25,800) for many the promise of buying a repossessed house offers one of the best ways to be able to afford a property and get out of the rental market. With the financial climate as it is and many braced for a treble whammy – job losses plus higher outgoings due to the increase in VAT, plus an almost certain increase in interest rates – the number of people looking for repossessed houses for sale can only get bigger.

Add to this the rise in the general public’s interest in getting good deals on property, property investment and property development spurred on by the myriad of TV programs on the subject, and it’s amazing that anyone would go down the normal channels of buying property through estate agents – it feels like everyone’s buying at auctions nowadays and it really is the most sensible way to proceed when searching for a cheap house.

All of these factors contribute to a boost in the social acceptability of buying repossessed houses. This can only be a good thing, both for those who need affordable property to live in and those whose businesses rely on selling repossessed houses.

Get Cheap Properties by Moving out of London and Into Essex

Thinking of moving out of London to escape the pollution, crime and

move to essexhugely inflated property prices? I don’t blame you! The lure of cheap properties, which allows you to get much more for your money and therefore enjoy a lot more disposable income, as well as the pull of a cleaner and safer environment are some very good reasons to consider a move away from the big smoke.

Essex has long been one of Londoners’ favourite counties to move to either because they’ve gotten tired of the hassle and expense of London and want to start looking for affordable cheap houses, or because they simply want to live in the countryside and have a view that doesn’t include a tower block. The former is especially true for those Londoners who are thinking of starting a family and the call of lush green fields, safe places to play and more breathable air become increasingly more important.

Save Money On Low Cost Property in Essex

Moving out of London and into Essex has many advantages but the primary one from a financial perspective is the relatively low cost of property. One comparison I did the other day for another article, showed clearly that you can move just a few miles out of London and save at least 50% on a 3 bedroom property. Just imagine the difference it would make to you between having a £150K mortgage and a £300K one – it would transform your life. In fact you’d probably need a much smaller mortgage than that if you’re selling up in London and have equity in your current property.

According to recent land registry figures, the average house price in Essex is £256K, but that is pushed up by the many country residences and rich areas such as Epping and Uttlesford. Many properties in Essex are well below £200K, even in village locations and if you decided to look into properties available at house auctions you could reduce those prices even further.

One thing you’d need to factor in when thinking about moving out of London and into Essex is that you’d probably have a little further to commute to work, but all of the large towns in Essex have excellent train links into London, and if you fancy living in a picturesque village rather than a town, they are never far from a train station either, so commuting shouldn’t be a big deal. The average yearly rail cost which you might have to factor in if you did decide that moving out of London was for you, is around £4,000. Not cheap – but a lot less expensive than a huge, weighty mortgage around your neck.

There’s More to Essex Than Stilettos & Gangsters

Don’t be put off by the bad press that Essex has had in the past and that stupid TV series, “The Only Way is Essex,” which has done nothing to improve its image – it’s really not like that. Trust me I’ve lived here for 25 years and while it’s true that we talk a little strangely, what comes to mind when I think of Essex, is pretty villages with thatched roof houses, rolling fields of wheat and rapeseed and benefiting from being just 30 minutes away from the beach.

Moving out of London and into Essex is the way to go if you want to save money and buy property cheaply and if you want a better quality of life, Essex can do that for you too.

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Foreclosures Continue to Afflict Housing Market With No End in Sight

The high level of foreclosures is still affecting the US housing market, prompting numerous new laws and regulations, most of which will merely serve to delay the inevitable.  The problem varies from state to state, but here are some recent headlines and news stories about foreclosures in Virginia and other states.

The Richmond Times Dispatch says rural areas in Virginia have been hard hit.

Foreclosures rates in rural areas have doubled since 2008, as people lost their jobs and were unable to make their house payments, according to the report by Housing Opportunities Made Equal of Virginia Inc. More than 200,000 foreclosure notices have been filed in Virginia since 2006, including 60,000 notices of default or repossessions in 2010. Source

Business Week agrees, although both sources are citing a report from “Housing Opportunities Made Equal,” a non-profit based in Virginia. The report states

In 2010, the largest increase in foreclosure filings occurred in rural Virginia

•Foreclosure filings eased slightly at the end of 2010, mostly because of moratoriums from large national lenders so they could sort out mortgage servicing issues.

  • –Without these moratoriums that were put in place, Virginia would have seen the largest number of foreclosure filings since the beginning of the Great Recession.

•Since 2006, there have been over 200,000 foreclosure filings in Virginia and more than 60,000 in 2010 alone.

•Foreclosure rates in rural areas have nearly doubled since 2008, while rates in urban areas have remained fairly consistent.

•High foreclosure volume has revealed some significant mortgage servicing issues. A survey of housing counselors has found significant servicing issues statewide.

•In 2009, nearly four out of every five mortgage loans were sold to an investor –the highest rate since at least 2004. Since 2004, more than sixty percent of mortgage loans have been sold to an investor within one year of origination.

  • –This further complicates the mortgage recordation process and may create mortgage servicing issues in the future that may lead to more faulty foreclosures.

The full report (PDF)  is available here.

A VA House subcommittee recently decided to kill a bill that might have slowed the pace of mortgage foreclosures in Virginia. MyFoxDc reports,

With one dissent on an unrecorded show-of-hands vote as the powerful banking lobby looked on, a Commerce and Labor subcommittee sent the bills for more study by an obscure gubernatorial task force.

The action included all House bills addressing what Sen. Chap Petersen, D-Fairfax, calls “drive-by foreclosures.”

Delegate Bob Marshall’s bill, which was before the 11-member panel, would have extended the foreclosure notice requirement from 14 days to 45. It would also require that loan and property records be recorded in local courthouses.

“What you saw in there was government of the banks, by the banks and for the banks,” Marshall, R-Prince William, said afterward. Source

Across the country, buying a home is steadily becoming cheaper than renting one. With increased demand for rental accommodation as more families are evicted, combined with the banks holding steadily increasing housing stocks as “shadow inventory,” the gap continues to widen and according to Trulia, it is now cheaper to buy than rent in 72% of major US cities – assuming you can raise the financing. Short sales continue to be a growth business, but be wary of a hidden tax burden if you are the seller. The IRS considers and money written off from your loan to be a monetary “gift,” with tax due.

The foreclosure problem continues to grow, despite a lull in the proceedings during December 2010 as local state banks were forced to actually follow the law when foreclosing. RealtyTrac says a record number of foreclosure filings were made in 2010 – 2.9 million. Shocking figures. This is a quote from their recent press release:

“Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity — triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 — which we estimate may be as high as a quarter million — will likely be re-started and add to the numbers in early 2011.” Full release

This is – of course – also adding to the “shadow inventory,” of homes certain to come on the market, but stalled in some way.

Short Sale Buyers Tips

Some things you should know before you buy a short sale is that many homes that go through a pre-foreclosures that have a low asking price just may be attractive to many homebuyers. This being the case for starters you will have competition from other real estate investors with multiple offers. It will depend on the location of the property and the potential of the resale value.

Studies show that pre-foreclosure short sale homes can take months to close. So it would not be a good idea to put your hopes on the home and is recommended you have a backup offer on additional homes especially if you need to move in right away.

Since the lender is accepting a discounted payoff it really will depend on if the agreement between the seller and the mortgage company shows there is no default from the homeowner. As long as the borrower has not missed any payments.

As you wait for short sale approval you will want to search to see how much is owed on the property. It will be necessary for you to determine it there is two loans if so the first and second mortgage lenders may not agree on the price you are offering.

It will be to your best interest to hire a real estate agent who has experience with selling short sales. Having an experienced shortsale agent will make it easier for you to close the deal sooner because they are able to followup on necessary paperwork details reqired in a hardship letter.

Other things to consider is that the lender will want to see that you have a pre-approved loan and that the amount you are offering to buy the property for is comparable to the selling prices of other homes in the area.

Top things you should know before you buy a shortsale

1. Get an experienced Real Estate Agent that knows the short sale process.

2. Know the comparable sales of market value in the your surrounding area.

3. Find out how much is owed on the mortgage and how many loans are on the property.

4.  Hire a short sale listing agent who can negotiate with the lender.

5. Make sure the seller provides the right documents to the listing agent for approval.

These are just a few of the things that are required when deciding to buy short sales. Do your research and be ready for along road ahead and it will take learning the fundamentals to be successful.

Existing Home Sales Rose in December

According to Mike Larson, real estate and interest rate analyst at Weiss Research, existing home sales surged in December but do not herald a return to the halcyon boom days due to the level of foreclosures for sale and the “shadow inventory,” of repossessed houses not yet for sale. This is the latest analysis from Weiss:

  • Sales surged 12.3% to a seasonally adjusted annual rate of 5.28 million from 4.7 million units in November. That was far better than the 4.87 million SAAR economists were expecting, and it leaves home sales at the highest rate since May.
  • By property type, sales jumped 11.8% in the single-family market and 16.4% in the condo and coop arena. By region, sales gained at a double digit rate across the board. They gained 10.1% in the South, 11% in the Midwest and 13% in the Northeast, and 16.7% in the West.
  • The number of homes for sale fell 4.2% to 3.56 million from 3.72 million in November. That was up from 3.283 million a year ago, however. But the strength in sales helped pushed the months supply at current sales pace indicator of inventory down to 8.1 from 9.5, the lowest since March. Median home prices dipped 0.8% to $168,800 from $170,200 a month earlier. That was a 1% change from year-ago levels.

The housing market continues to show signs of life, with building permits, confidence, and now sales perking up. Indeed, single-family sales activity shot up at the fastest pace in any month going all the way back to January 1983. The gains were widespread regionally as well, and that helped reduce the backlog of unsold homes somewhat. I credit the improved tone of the labor market, a pick up in buyer confidence, and a budding sense the worst might be over for home pricing.

At the same time, we’re still talking about a market with more than three and a half million homes officially for sale. You have quite a bit of “shadow inventory” behind that, and foreclosures continuing to be parceled out into the market over time. So I don’t anticipate we’re going to see consistent, large gains like we did last month. It will be more of a gradual improvement in the tenor of the data over the course of 2011.

Weiss research

House Repossessions And Buy To Let Rental Market

According to the Paragon Group – a mortgage buy-to-let company – the rental market is about to experience an increase in rents.

As many as 40% of landlords are about to hike up their charges by as much as 8% in various regions around the country. Is this due to the current trend related to house repossessions – or something else?

The truth is it’s related to a combination of factors: there are more students looking for rental properties, there are more and more incidents whereby people cannot secure a mortgage and the influx of migrants are all influencing the trend.

When you also add in the fact that more homes are being repossessed – it’s clear why landlords are in such a strong position – demand is rising at a faster rate than supply. Is this good news for the housing market? That depends on which side of the fence you’re on.

If you’re a landlord, or you’re about to break into the property market by way of buying at property auctions in the UK – then the answer is a resounding yes. If you’re looking to rent a property, then it’s an equally resounding no.

As a matter of fact my sons have just discovered (as they’re about to renew the lease on their jointly shared apartment) that their landlord has hiked up their rent by a whopping 10% … which of course is 2% higher than the predicted national average.

Obviously the decision is not one they want to hear – just because they’re renting does not mean that their bank accounts can cope with the potential increase. In fact – renting and being financially secure are not mutually exclusive. Often it’s quite the opposite.

This is more likely the case in the event that a prospective tenant has just gone through the house repossession process. Losing your home isn’t always cost free. Plus the reasons surrounding the loss are related to an obvious lack of financial stability in the first place. In short – it sucks.

For my son’s part, they’ve only been renting their apartment for 12 months. If their landlord keeps hiking up the rent by 10% a shot, within another two years they’re going to find it really difficult to meet with the increase.

Like most young people their annual income won’t rise even halfway close to 10% increase – over a two year period. What then? Buy? Singularly that’s an unlikely prospect. Together, a stronger one. But – where do they turn to for a mortgage?

Mortgage lenders are growing increasingly cagey about lending. Although the current leaning is for said lenders to deny that they’re tightening up on the lending criteria, those of us on the street aren’t stupid.

Currently, unless your last name is Gates and your dad’s first name is Bill – most people are finding it extremely difficult to secure a realistic mortgage offer. But then – if Bill Gates was your dad, you wouldn’t need a mortgage anyway.

So – whilst the rental price increase may not be strictly due to the house repossessions going on around the UK – it’s certainly an important factor. Landlords are finding themselves in a very strong position – one which it would appear many are exploiting.

And we understand that. They’re running a business and businesses only exist for one reason only – and no … it’s nothing to do with supplying a great product or helping folks’ out – and everything to do with making a profit.

And let’s not forget the fact that the Government is about to start reducing housing benefit. Could things get any worse for the poor, beleaguered ex-house owner to be? I’d like to think not. However looking ahead – I think things are going to get just a little bumpier for all of us.

House repossessions are not going to flatten out anytime soon. Migration levels are unlikely to drop enough to significantly affect the market. Young people are going to continue on their quest for higher education – despite knowing what they’ve got coming re spending cuts (the EMA grant for example) and raised fees once they head into uni – because they’re entitled to want more from life.

But that’s a whole other story.

Loan Origination Requests Down in 2010 Says Cambridge Realty Capital

Cambridge Realty Capital Companies processed 267 loan origination requests in 2010 totaling $3.72 billion, or slightly fewer than last year when the company reviewed 298 loan requests totaling $4.0 billion, Chairman Jeffrey A. Davis reports.

“Loan origination request volume remained strong but Cambridge was forced by reality to be more selective in the type of loans logged into the company’s internal processing system,” he noted.

Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $3 billion since the mid-1990s. The company is consistently ranked among the leading HUD 232 healthcare lenders in the country.

Davis said demand for HUD 232 financing was strong throughout the year and in recent months the company “has been seeing more and more conventional debt and finance activities. Also, acquisition activity continues to be active and moving forward,” he said.

“But general conditions in the capital markets have made it more difficult to obtain funding for new construction except on a selective basis. Our strategy has been to be upfront with borrowers who request our help. Some loan requests that may have logged into our system in the past are not making it into the mix at this time,” he said.

Davis points out that lenders close a relatively small percentage of loan requests received. However, he believes it’s useful to track this information as an indication of market directions.

“Although down slightly, when technical adjustments are taken into account, our numbers do, in fact, confirm reports that lending activity is increasing. But deals are being completed at very low loan-to-value ratios with more conservative underwriting guidelines,” he said, adding:

“In general, the more typical acquisition loans continue to be challenged and, for some borrowers, relationships with capital sources have been strained.”

Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender/borrower relationship and identify “ideal” capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.

Cambridge publishes the bi-monthly e-PULSE!(R) electronic newsletter, which delivers company news and feature stories via e-mail to corporate friends and clients. Additional information is available on the Cambridge website, www.cambridgecap.com, and Cambridge can be reached at (312) 357-1601 or via e-mail to info@cambridgecap.com.

Help With Mortgage Repayments When You get into Arrears

Getting into trouble with our mortgage repayments has got to be one of the most stressful experiences we may ever have the misfortune to go through. If the situation has arisen due to losing a job or illness then there will be a whole heap of other stressful issues to deal with on top of mortgage arrears and the fear of repossession. Maybe you have simply over committed yourself and a rise in interest rates has left you struggling to pay increased mortgage payments.

However one arrives at a position of struggling to make mortgage repayments, for many people it’s tempting to go into denial about the possibility of bank repossession which is without doubt the worse thing you can do. Unless you take action to remedy the problem and get help with mortgage payment difficulties, that is exactly what will happen.

Times are tough for many of us and tough decisions have to be made but there are many avenues you can take to get your mortgage payments back on track. There are several recommended options for you consider if you are getting into mortgage arrears. Finding out as much as you can about each possibility, will help you make an informed decision about what’s best for you and your family and which solution will work for you.

Places to Get Help with Mortgage Repayments

There are several things you can do to get help with mortgage repayments, prevent repossession and get your finances back in order or at the very least give you a reprieve while a more permanent solution is found. The government has stepped in and it currently runs 3 schemes to help homeowners stay in their homes when they get into mortgage arrears. So start opening your letters, start taking control of the problem and in most cases you will find a way out of it.

Get Help from Your Mortgage Lender

Your mortgage lender should be your first port of call when you need help meeting your mortgage repayments. There are a variety of options they might recommend such as changing to a different type of mortgage e.g. an interest only or a fixed rate mortgage. You might be able to delay your interest payments for a fixed period and have it added on at a later date, extend the length of your mortgage or you could be referred to one of the current government schemes to help homeowners (see below).

Interest Only Mortgages – Interest only mortgages tend to have lower monthly repayments because you are not paying off any of the loan amount, just the interest. When you get back on your feet you can change your mortgage back to a repayment one. The bank may be sending you nasty letters but they would rather you keep your home – so make the call and arrange an appointment with your branch manager to discuss your options.

Fixed Rate Mortgages – Depending on the type of your current mortgage, a fixed rate mortgage could be cheaper for you, especially if your mortgage is of the variable rate sort which fluctuates with the rise and fall of the interest rates set by Bank of England.

Extend the Length of Your Mortgage Another option is to ask about the possibility of extending the length of your mortgage say from 25 – 30 years. Though in the long run you will pay more for your home due to increased interest over the time of the loan, this will reduce your monthly payments.

Don’t Stop Mortgage Payments - Whatever you do, do not stop paying your mortgage completely – keep paying something regularly, whatever you can afford. Your bank will be more inclined to help you if they feel you are making an effort to keep up your payments.

Get Help from Government Schemes

Since the beginning of the recession in 2008 the UK government has developed several schemes to assist people with mortgage arrears and debt problems. If you’ve been to your bank and already tried everything on offer from them it’s well worth finding out if you qualify for any of these government schemes. Each has strict criteria and some options are pretty drastic, but they could make the difference between you staying in your home or not.

Mortgage Rescue Scheme – If you have dependent children, are pregnant, have a physical or mental impairment or are over retirement age (or someone who lives with you is), you could qualify for the mortgage rescue scheme. The scheme offers either a “shared equity loan”, which allows you to pay a monthly low interest-only payment or a “government mortgage to rent” where your property is bought by a registered social landlord and you stay in your property and pay rent to them (not to be confused with commercial sell and rent back schemes).

Mortgage Support Scheme – The mortgage support scheme is for homeowners who are experiencing a temporary drop in income e.g. because a spouse has lost their job or hours of work have been reduced. This scheme gives help with mortgage repayments by allowing you to defer interest payments on your mortgage for up to two years. You will have to pay the amount deferred back eventually, but it will definitely give you breathing space and time to get back on your feet.

Support for Mortgage Interest – If you are in receipt of (or will be in the near future) income related benefits such as income support, employment and support allowance or job seekers allowance, you may be eligible for Support for Mortgage Interest. This is a benefit that will pay your mortgage interest payments direct to your lender for the time period that you are receiving one of the benefits listed above. Be aware that this scheme will not pay any mortgage arrears you may have accrued.

Help Yourself to Meet Mortgage Repayments

Alongside the other options to get help with mortgage repayments explained here, it’s worth doing a bit of brain storming and begin to think creatively about how you can raise some money to keep you and your family going for a few months and help yourself with your mortgage repayments. Here are a few ideas for you to consider.

Get a Lodger – Do you have a spare room like a dining room or garage you could convert into another bedroom? A boarder or lodger who rents out one room can bring in from £300 – £500 per month. This income is taxable, but it can certainly help towards your mortgage payments and other household bills.

Rent Your House Out and Live Somewhere Cheaper – Rents are at an all time high and the demand for rental property is too, so it’s worth finding out how much you could rent your property out for. Depending on the level of debt you have secured against your home, the rental income could cover the mortgage and your tenants will be responsible for all the bills (except buildings insurance.)

Rent somewhere smaller and cheaper on a temporary basis or even better, move in with a relative or friend for a set period of time. Would your parents, other family members or close friends have spare rooms you could rent from them? The extra money could come in useful for them too.

Get a Second Job - Can you or your partner get a second job at evenings or weekends? If your wife is a stay at home mum could she find a full time job? Even if you have to pay out half her wages in childcare costs you should still have a lot more income than you do now.

Sell Valuable Items - Do you have valuable items you could sell? Antiques, collectibles, jewellery and even old clothes and toys can bring in extra money. If you have a 60 inch TV how much could you get for it? Would it pay a couple of month’s mortgage? What about vehicles you own? Could you sell your car and get a cheaper one?

Consider Your Options

You might decide that some of these options for help with mortgage repayments are for you and some definitely aren’t – that’s ok. The important thing is that you consider each one carefully, don’t write off any ideas until you have given them serious thought.

You want to avoid house repossession at all costs because there are a lot of long term consequences of house repossession that are not very pleasant. The main ones to be aware of are:

  • You will find it almost impossible to get another mortgage in your lifetime.
  • You will also find it almost impossible to get a loan in your lifetime.
  • You will probably lose out financially and still owe the bank money.
  • You will not be able to get credit for household items, cars or holidays.
  • You may not be able to get an overdraft
  • You will not be able to get a credit card

These facts about repossession are not stated to scare you, but to spur you on to get help with your mortgage repayment difficulties. As illustrated in this article there is help out there for those struggling with mortgage arrears, you just need to reach out and find it.

Buy My House Fast But Please Don’t Rip Me Off – A Guide to Selling Your Property Quickly and Safely

Letters from the mortgage company are piling up….in fact you’ve stopped opening them. The bank is calling on an almost daily basis….you don’t pick up. You can’t get to sleep at night and when you do, you find yourself tossing and turning. For many suffering from financial difficulties this is a familiar situation. If you’re feeling that you’ve got to the end of the line with your bank, with mortgage arrears and the threat of repossession is looming, for many their only thought is, “Buy my house now and make it snappy”….oh yes, “and please don’t rip me off”.

Selling your property quickly is definitely one way to keep both you and the bank happy. There are various ways of achieving a fast sale and we’ll consider each option carefully further down the page, but one aspect of trying to sell quickly that you’ll be aware of, is that there are sharks circling out there hoping to capitalise on your financial vulnerability and buy your home at a very large discount. You say, “Buy my house” while they rub their hands together and say, “Where do I sign?”

For those who don’t want to move home it’s tempting to go for a sell and rent back scheme but wonder how legit they are. In a moment we’ll look at your options for a fast house sale, including the positives and negatives of the choice to sell and rent back and selling at house auctions, but before we do remember that even though things are not going very well for you right now, you can take control of your financial situation.

Due to the recession, job losses and the rise in inflation, times are tough for many of us and tough decisions have to be made but there are options and all is not lost. Instead of jumping right into finding someone to buy your house as soon as you can, there are some other options which I highly recommend you consider first. So if you haven’t read it already, check out this comprehensive guide on the variety of services and options available to help with mortgage arrears, including current government schemes designed to help you keep your home.

No I’ve Tried all That – I Really Do Want Someone to Buy My House and Fast!

For those of you who have read the guide, have considered every option available and are still thinking, I really do need someone to buy my house quickly, I’m going to explain the various places to find a buyer for your house, so that you can make an informed decision about what’s best for you and your family, and decide which quick house sale option is the right choice for you so that you can pay off your mortgage lender, avoid repossession and finally get a good night’s sleep.

Option 1 – Sell your House on the Open Market

In general, putting your home on the market with an estate agent is considered one of the slowest methods of selling a property, but it’s still worth considering because it’s not always that way. If you can afford to put your property up for sale at under the market value then you may well be able to get a quick sale.

Bargains are frequently snapped up quickly by property investors who are looking for buy to let properties or if you’re lucky, your estate agent may find a buyer who already has the money in the bank and has been holding out for a good deal.

Option 2 – Sell to an Estate Agent

Estate agents often buy properties to sell on, especially when they can get them at a good price. So call all of your local agents and ask if any of them would like to buy your house from you. Estate agents will buy cash, so again it’s a lot quicker than waiting for someone to sell their property, arrange their mortgage and have all the potential issues of being in a chain. Estate agents will usually offer between 20-30% less than the market value of your home, but if the offer price covers your debt to the bank it’s an excellent way to avoid repossession and start anew free of debt, stress and worry.

Option 3 – Sell Your House at Auction

This is one of the best ways to find someone to buy your house swiftly. Property sales at auction go through very fast when compared with other methods of selling (within 28 days from the auction date). In addition, there are no chains and no hassles. The downside of selling at auction is that you could receive up to 40% less the market value of your property but if you can still earn enough from the sale to pay off your mortgage then it’s well worth going to auction. For a links to some of the bigger property auctioneers, scroll to the bottom of the following article on house auctions.

Option 4 – Sell to a Private Company

Aside from the estate agents that we are all familiar with there are companies that will be happy to buy your house for cash. Again they will offer 20-30% less than the market value (can you see a pattern here?). They will understand your need for a quick sale and will usually offer a speedy service, with the sale taking just 1-28 days to complete. These companies will normally pay all of your legal costs too. To find companies that offer this service check out the property section in your local paper.

Option 5 – Sell and Rent Back Your Property

Sell and Rent back is a way of getting a quick house sale which involves a company buying your property at less than the market value and then you paying rent to them for as long as you live in the property. Over the last few years sell and rent back businesses have been subject to tighter regulations because many companies involved in this were behaving like the sharks we mentioned previously. They were throwing people out of their homes after 6 months or hiking the rents up to unaffordable levels.

Regardless of the latest legislation to make sell and rent back companies treat their clients better, of all the options given here for a fast house sale, sell and rent back is still, without doubt, the most risky option.

There have been many cases where sell and rent back companies could not keep up their mortgage repayments, leading to the properties being repossessed by the banks and tenants being evicted. Sell and rent back looks like an attractive option, saving you the hassle of moving out, but it’s definitely not the safest.

Option 6 – Equity Release

If you’re over 55 and have paid off the majority of your mortgage then equity release is an option to consider. This factsheet gives a good overview of everything you need to know about equity release and also provides information about how equity release is different from sell and rent back.

Option 7 – Sell Your House Privately

There are many websites popping up nowadays that offer property sellers the ability to sell privately without estate agents (you can even advertise your property on eBay if you choose). If you’re lucky and the right buyer comes along you could get a fast sale – this method also increases the likelihood of getting the market value of your property. If you offer your property to only cash buyers you will not have to wait in a chain and the process will be a lot quicker than normal.

There are various reasons for wanting to sell your house quickly and releasing the capital it holds. Maybe you’re moving abroad or relocating. Maybe you need to move quickly to look after a relative or have suffered bereavement. Maybe you’ve been made redundant or lost your job and you can’t meet your mortgage payments.

Unfortunately, in the current financial climate, it’s usually the threat of house repossession that is forcing you to think about finding a buyer for your house. Hopefully, for those of you with the constant thought,” I need someone to buy my house fast,” running around your head, this guide on the ways to sell your property quickly has helped you make a decision on the best option for you.