Repossession, The State Of The Housing Market, You May Want To Sell Your Home Fast By ROSEMARIE GLANVILLE At Isnare.com Ezine Articles

Recently the Citizens Advice accused many lenders of giving mortgages knowing that the borrower could not possibly afford them and reported approximately sixty thousand householders seeking advice on mortgage and loan arrears since April this year. They accused these lenders of being “aggressive” if the borrower cannot meet their repayments.

They considered reckless lending decisions, ambiguous advice from brokers and hostile arrears management to be the cause of the present increase in people falling behind with their mortgage and the consequential court action and repossession.

The Citizens Advice have not been the only critics this year and the Financial Services Authority has progressively more, been taking action against deceitful mortgage brokers who sell inappropriate loans.
A BBC investigation which was reported by the Five Live Report and also Panorama, found sub-prime mortgage lenders responsible for providing loans to those with bad credit files.

I did not intend this article to be so totally depressing, but sometimes this can be difficult, when dealing with the facts. If the above is not worrying enough, recent statistics are showing house sales dropping off quicker than they have in the past eight years, also that the number of new houses being sold has dropped for five consecutive months. This is the worst decline since 1999. A housing market slowdown is predicted and many are rushing to sell.

To top it all approximately a million and a half people on fixed term mortgage rates will find these coming to an end next year. Depending on whether they are able to find a comparable new rate or not, will mean the difference between floating or sinking and possibly being repossessed.
If house prices start to fall we are less inclined to move as we see the equity diminishing from our property. So I am left asking myself which is the best way to proceed if I want to sell my home next year.

If I decide to use an estate agent, I know this can take six months or longer and if prices continue to drop, I may have to reduce my selling price as time goes on. This is not an idea that I relish, so I have been looking around to see if there is an alternative.

My answer I believe lies with a house sales specialist, who operates differently from an estate agent. A Quick Sale Direct in Leicester tell me that they can buy my house from me in as little as seven days. They will not give me the full market value, but somewhere between seventy-five and ninety percent. I will have no need to purchase an HIP, no estate agents fees, no valuation fees and no solicitor’s fees. A quick sale of my home will probably mean saving at least six mortgage payment and I will not have to sit around and watch my house devalue. This will also give me more buying power, as I will have the cash to negotiate with.

As I spent a good time above talking the likelihood of more repossession, as the housing crisis progresses, it makes sense to mention here that selling your home quickly in this manner can help you avoid repossession. This does not mean that you will have to leave your home, as a house sales specialist will buy your home, save you from repossession, and then become your landlord, if you want. Looks like the ideal solution, don’t you agree?

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