Home Repossession and Home Buying Companies
If you find that you've fallen behind in your mortgage payments, your lender will want to know how you are going to clear your mortgage arrears. Without any process in place, or if your situation is particularly desperate, your mortgage company could start court proceedings against you to seize or 'repossess' your property, leaving you homeless and perhaps still owing them money.
Repossession orders usually allow a lender to seize a property within 28 days of granting - you can, however, stop the process at any time.
If you have mortgage arrears, or if your lender already has a court order and you're threatened with eviction, you need to act, FAST! This is where house buying company’s service can help you.
Selling your house through an estate agent can take months. If your house is repossessed, your lender will usually sell the property at auction where prices can often be 30% below market value. After paying off the mortgage and arrears, this could still leave you owing money to your lender. A quick house sale through a professional property buyer, is the best way to clear your debts.
How can professional property buyers help?
In short, most house buyers will purchase your house, for cash, quickly - often within 7 days.
You should contact them long before your lender has applied for a court order. However, we can still help at any time before you are evicted - you simply need to prove to a court that you can rectify the situation, which, with a house buyer’s help, you could.
How does it work?
It’s quite simple. To make an offer most home buyers will arrange for 3 agents to visit your property to carry out an appraisal on their behalf.
Once they receive the valuations, the house buying company will be able to make an offer, currently up to 85% of the appraisal valuation, within 48 hours.
There is usually no cost or obligation in receiving an offer.
What are the benefits of using a professional property buyer?
The advantages for you are clear:
- You avoid repossession.
- You receive more money for your property than you would through a repossession sale at auction.
- You can repay your mortgage and clear your debts.
- You could be left with cash and a clear credit record.
- Borrow money in the future without punative rates and move on with your life.
- Many home buying companies have years of experience in dealing with these situations.
About the Author:
Quick Move Now are one of the leading property buyers in the UK with whom you can sell house fast. Visit http://www.quickmovenow.com/ for more info.
Article Source: ArticlesBase.com - Home Repossession and Home Buying Companies