|A quick house sale
to pay off debts? It's drastic, but effective. We're not talking about the kind of
house sale available via an agent either. No. Rather, a guaranteed cash sale.
If debt is wearing you down, cutting your loses, by selling up quickly,
might really help to turn things around.
People from all walks of life build up
more debt than they can manage. Initially it's just a question of
juggling. The old, "robbing Peter to pay Paul" thing. Sound familiar?
But before you know it you're in
over your head. It's also unfortunate that homeowners with a patchy financial history,
also pay the highest rates of interest. Getting a
quick house sale to pay off debts can get you off the treadmill. The
rest is up to you.
Getting off the
debt treadmill - your options
Once you've made the decision to do
something you have essentially two options. Raise further funds or
cash to clear existing debts, or come to some sort of deal with your lenders.
An arrangement with your lenders can be
formal or informal. A number of formal schemes are available including
Scotland's Debt Arrangement Scheme. This scheme allows you to set up a
Debt Payment Programme. The key thing is to get good independent advice
- a number of non commercial
cost organisations are listed in our directory.
If you decide not to go this route then
the other options involve raising further funds or cash.
funds generally means bringing all debts under one larger loan since
this invariably works out cheaper. But consolidating your debts to
reduce your payments can give you a false sense of security. Research
points to the idea that most people taking out such loans don't get the
fresh start they'd hoped - but end up further in debt. But it does work
for some people.
Using a quick house sale to
pay off debts
The final option, involves raising
enough cash, rather than loans, to pay off the debt. For the
majority of homeowners their house is the only asset they own which will
release enough cash on sale, to pay everything off.
Using a quick house sale to pay off
debts may be the most attractive option if you're facing sizable debts
and have equity in your house. Or perhaps you're prone to "creeping"
debt? If you don't trust yourself to kick the debt habit getting a quick
house sale to pay off debts might be your best chance of taking the
pressure off once and for all.
A quick house sale - end
house and money worries
Who hasn't dreamt of a fresh start?
You just need to be careful how you get there.
You can of course try
selling your house on the open market but this could take many months. And
there are no certainties. Also, if you're at all in a hurry you must also
price your house to sell.
We'd only recommend this route under two
circumstances. If demand for your kind of property in your location is
currently high and you know this for a fact. Or your equity
position barely covers what you owe. In this case every penny really
does count. A balance needs to be struck between setting the price of
your house to sell quickly on the open market and the likely time it will take
Remember all the while your house sits
in the estate agent's window unsold you'll be racking up
mortgage payments and servicing your debts.
quick house sale to pay
off debts - pros and cons
When it comes to selling property there
is an important trade off between the price of the property and
the speed and certainty of the sale.
If you (really) need a quick house sale
to pay off debts then you're best bet is a professional service,
designed to deliver just that. A quick house sale. But the
service must be paid for. Luckily it's a non cash cost, paid for out of
the equity from your sale. It won't add to your debt problem.
Think about this way. An estate
agent does not guarantee to sell your house or find you a suitable
buyer by a certain date. Selling on the open market is hardly ever the
best way to get a quick house sale to pay off debts. But we know some
people are inclined to try it first, but come unstuck when there house
sticks on the market or their sale falls through.
And, depending on your circumstances
you'll walk away with cash in the bank too.
house sale managed and delivered by a professional property company has
other things going for it too.
When you buy
your next house you'll be chain-free, and able to negotiate a discount
on your next home. Whether you're moving on to buy another
property or rent, we can give you time to house hunt. We also pay
all your costs including any fees due to estate agents.
You can start the process off
informally by giving
us a call on 0800 043
0669 or complete the
online form so we can contact you to have an initial chat about how you
a quick house to pay off debts.