You need to sell… and you need to do it sooner rather than later. Working with a fast house buy UK company may be the solution you have been looking for to make a quick sale – and have cash in hand to make your next move.
You could be facing any number of situations that make a fast process not only a benefit but a necessity. What are some common reasons people sell their homes for cash?
Quick House Buy UK: Why People Seek This Option
Speed is driving your decision. You may find yourself in one of the following scenarios:
1. You are Facing Repossession
During the pandemic’s peak, protections were put into place to safeguard homeowners from repossession. Under the Coronavirus Act, these processes all but stopped. Fortunately, we are reaching a so-called “new normal.” Unfortunately, this means there has been a marked uptick in repossession actions.
When homeowners fall into arrears on their mortgage, lenders must take every reasonable step possible to prevent repossession, including exploring options for reduced payments. Repossession is the last resort. However, if you have reached this stage and the process has already started, you can still sell your property quickly to escape the burden – and an auction of your home. Typically, you’ll have a month or two to do this.
2. You Need to Move
Why? The reasons are as varied as the people who need to sell quickly. Maybe your dream home came on the market. Perhaps you need to relocate for work, school or to be closer to family. Whatever the case, moving house is expensive enough without having to pay two mortgages. A quick sale puts you in a better possession to make your move.
3. You inherited a property you don’t want or cannot afford
Old Aunt Edith left you her home, which resembles Miss Havisham’s crumbling mansion in Great Expectations more than a well-kept little abode for you. Thanks, Auntie! Maintenance, upkeep and repairs may be too expensive to take on to restore the property or it may simply be in an inconvenient location for your life’s needs. Regardless, a fast sale can get you out from under this most “generous” gift.
4. Your home has serious issues
Maintaining a home and keeping everything running in ship shape is a pricey proposition. When buyers have traditional financing through a mortgage lender, there must be inspections and valuations, so the lender is confident they are taking a good risk. Serious issues with the property can derail financing and turn off potential buyers altogether. These include:
- Cracked or damaged foundations
- Water and flood damage
- Fire/smoke damage
- Faulty and/or frayed wiring or electrical service that is not up to code
- The presence of mould
- The presence of asbestos and/or lead paint
- Sewer system malfunctions or advanced age
Fixing even one of these problems can be a five-figure investment. With a cash buyer, however, they will typically purchase, so you do not have to bust your budget on a “money pit” any longer.
5. Your life has changed
When life changes, your living situation may need to as well. For example, you may need to sell quickly because you:
- Have a new job and need to relocate ASAP
- You are going through a divorce and want a fresh start or have to liquidate assets
- You experienced a job loss or loss/reduction of income
A quick house buy UK arrangement can help you get out of financial trouble – or better yet, prevent it before it has a chance to take root.
Options for a Quick Sale
When you need to sell quickly, you have a few options beyond a typical “put it on the market and hope” method. These include:
- Short Sale. In this case, your lender agrees to let you sell your home for less than you owe. However, you will still be responsible for the remainder of the mortgage and “short” sales can take even longer to complete than a traditional sale.
- Auction. Typically, a sale takes place between 45 and 60 days from listing. You may need a quicker option.
- House Buy UK. With a cash property buyer, you can complete a transaction in as little as 21-28 days.
For the reasons we discussed and more, working with a quick buy company may be your best option.
