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.

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