One of the main reasons that people choose a quick house sale is because they have fallen into financial problems and are faced with mounting debts and the threat of repossession.
Selling your home quickly to a cash buyer is one way to stop the repossession process, as these deals can be concluded in a short space of time, while many cash buyers offer a sell and rent back solution, meaning that people can remain in their homes. There are other reasons, such as divorce or bereavement, which may make a fast house sale an attractive option. If you have chosen this route, then, once you have sold your house, it is vital that you spend the proceeds wisely to improve your financial situation.
Before you agree to a quick sale, it’s important to work out how much money you will need. If you have sold the house due to a divorce then you need to be sure that you can raise the money you need by selling the house.
If unmanageable debts have forced you to sell your house, then you need to sit down and make a list of what you owe. After you have done this, you need to prioritise the most important debts, and ensure that they are paid off first. The most important debts are likely to be your mortgage arrears and credit card debts, along with Council Tax. Hopefully, you will have enough left from the proceeds of your quick sale after paying off vital debts, so it’s well worth getting some advice in what to do with this money.