You could be forgiven if were not entirely familiar with the quick house sale market in the UK, primarily because it only emerged in the wake of the great recession. While there has always been quick transactions and deals completed in the property market, it was not until the recession and the subprime mortgage collapse in the states that the need arose for a dedicated service that helped stricken home-owners. While this market has provided an invaluable service in the last five years, however, it still remains something of a mystery to some.
This mystery means that many people are missing out on the core benefits of the quick house sale market, while potentially finding themselves encumbered with an asset that has negative equity. They may also be lumbered with a property that they cannot afford to repay, and this will ultimately result in a default on the mortgage loan and the repossession of the property. The quick house sale market can help home-owners to avoid this; however, market leading firms such as propertyrescue.co.uk procure properties for cash and within a fixed, seven day period.
Essentially, home-owners will contact service providers and request a valuation when the need arises for them to sell their property quickly. They will then attend and perform a comprehensive evaluation of the space, before making an offer in the form of a direct cash sum. It is important to note that this point that the amount offered will be less than the market value of your home, as quick property buying forms look to make a profit when they sell the house on. This shortfall is compensated for by the fact that the transaction can be completed quickly and in cash, but the final decision must be taken with great care and an innate knowledge of your financial circumstances.
The latter point is crucial, as this understanding will determine whether or not your priority is to sell as quickly as possible or optimise the financial value that exists within your home. If you have only recently experienced a change in your financial circumstances but wish to downsize your home in a proactive attempt to save money, for example, you may be better served by listing your home on the traditional market.
If you have defaulted on your mortgage and are in arrears, however, a quick house sale may provide you with the opportunity to at least settle the bulk of your debt and avoid repossession. This can also safeguard your credit record for the future and ensure that you are able to invest in property going forward.