The number of companies offering quick house sales has increased recently, and there are now over 200 such companies in this sector, up from around 25 just a year ago. So why are people looking for a fast house sale?
There are a number of reasons why people will look for a cash buyer:
Fast House Sale when facing repossession
A common reason for people to seek a quick house sale is to stop the repossession process. With increased interest rates, living costs and so on, increasing numbers of people are struggling to keep pace with mortgage payments, and other debts secured on property. Once you get more than a couple of months behind with mortgage payments, it can be very difficult to get back on track.
Ultimately, the process will hit the courts, which will eventually lead to repossession if you cannot repay your debts.
In this situation, it can be a better idea to sell your property to stop the bailiffs, rather than waiting for the lender to take possession of your home. When they do this, they will sell at auction and may not get a particularly good price. In addition, the fact that you have been repossessed will severely damage your credit record.
Selling to a cash buyer means the deal can be completed with 7 days, allowing you to stop repossession, pay off your debts, and perhaps have some cash left over to start again. You can also sell and rent back with Molae’s solution.
Divorce
Divorce can be incredibly stressful for couples, and many will have to sell their homes to cover the cost of the process. In these cases it may be the best thing to avoid the potentially lengthy process of selling through an estate agent, and choose a quick sale option. The sell and rent back option means that children do not necessarily have to be moved away from friends and schools, and could minimise the stress involved.
Inherited property
Property will often be left in a will to one or more family members, meaning that it will be necessary to sell the house in order to access the cash. If you want to conclude this process as quickly and possible, then a cash buyer is the best option. Though you will not receive the full market value of the house, you will avoid paying estate agent and other associated fees, not to mention the sheer hassle of putting the house on the market.
Property chains
One of the biggest problems for people buying and selling houses is the property chain. Many house sales will involve a chain of four or five transactions and, if one fails, the whole chain may collapse. One way of avoiding this problem is to sell your house fast, and the cash you raise will give you more freedom of action when looking to buy another property.
Emigration/relocation
If you are looking to move elsewhere in the country, or abroad, it may be that you need to conclude your house sale as quickly as possible. This could be because you have been offered a job elsewhere, or you need to act fast to secure the home you want. In such cases, a property cash buyer may be the solution for you, as you can sell your house with one or two weeks, far faster than by using an estate agent.
