Sell property before repossession if you have exhausted all other alternatives. Have you already taken independent advice on your options? Is you lender indicating that they have already been as flexible as they can? If it appears you have only two alternatives left - hand back the keys or sell, we may be able to help.
To be able to sell before you're repossessed the figures are paramount. Whether you can sell with a well known high street agent will depend on how much you owe relative to what your house is worth and how much time you have left.
Calculating how much you owe is important. Working out exactly how much you owe can be tricky. It will almost certainly be more than the outstanding balance on your mortgage because you will have to add arrears and all your lender's supplementary charges. While you are waiting on the lender calculating how much you owe it's sensible to get a valuation for your property. Ask a couple of local agents to give you their opinion about the likely selling price. Not the marketing price. If the market is a bit slow then most properties are being sold at less than their advertised figure.
As a rule of thumb, if you have less than eight weeks before you're lender has starts legal proceedings or legal action is already progressing then selling with an estate agent is not viable. We get calls from proactive solicitors and estate agents worried clients have run out of time. Their clients have taken action early on but because they're house is still unsold they now need to sell before legal action escalates.
Unfortunately some homeowners are unable to sell property before repossession. Generally this is for one of two reasons: either they leave it too late or they owe too much relative to what their property is currently worth.
Why is selling property before repossession a better option rather than just letting the lender repossess?
Once the lender has taken possession of the property they will try to sell it. However you are responsible for all the costs relating to the property until it is sold. These costs can mount up. You can end up owing considerably more than you originally took out on your mortgage. If the property sells the proceeds will be used to pay off the mortgage. If the property sells for less than you owe then there is a shortfall which in principle you have to pay back to the lender. It's a risky business.
The alternative is to sell to us. This is a realistic option if you have equity in the property - meaning you owe less than the current value. Whether we can help will depend on whole range of factors including how much you owe and the kind of property you own.
To find out how we can help you call 0800 043 0669 or simply complete the form below.