The housing market is in a state of constant fluctuation but, unfortunately, it continues to display a trend of stagnancy and decline. Only around half of the properties put up for sale last year sold, according to figures from the Land Registry and RightMove. It is a buyer’s market and this means that even if you are fortunate enough to find a buyer, if you have to rely on them to sell their home it can take many months to complete.
Once you decide to sell it is likely that you will want to complete as quickly as possible. If you have decided on a property you wish to buy but need to sell your own property first, a delay can hold up the whole process and leave your own purchase in danger of falling through. Divorce, bereavement, and ill health are also reasons for requiring a quick sale.
Another common reason, in the modern economic climate, for wanting a quick sale is to avoid repossess and any further missed payment charges. Banks are within their rights to start a repossession order if you miss three monthly mortgage payments. What’s more, even by the time this action is take you are likely to have amassed large payments. Interest payments, court costs, and legal fees all add to the amount that you owe and repossession will leave a black mark on your credit history that will last for several years.
Banks will sell homes at much less than their true market value in order to make a quick sale. You will then need to pay any fees and missed payments from this amount and, in some cases, this means that you may still owe money even once you have had your home repossessed. NPT is a cash buyer that will buy any home in any condition and in any area. What’s more, we typically complete the sale in one month or less and can even work with lenders to help you avoid repossession while the process completes.
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