At times you find it exigent to sell a property very quickly, almost in no time. Unavoidable circumstances like divorce or separation from your partner may drive you to such an emergency. The common chemistry that united you together is not matching any more. The moral maths of the moment demands a separation. To get over with the stress and strains you are undergoing, you need a quick sale of your property.

Or it may be that you are in need of cash in a flash. With a next to zero bank balance, you may turn to friends and relatives to avail that. You try every reliable source but in vain. So, you see no other alternative than to bank upon your property. But selling a property involves some documentation which, in turn, wastes lots of time. Sometimes it takes months to receive the cash. So, how can you ensure a quick sale of your property!

Well, the answer lies in the estate agents. Under any such circumstances when you need to sell your property quickly, they can provide you with valuable service. They will buy your home, sometimes directly from you. There will be no intervention of any third party. The hassle of documentation will be very less. Most importantly, you will have the cash in your hand very quickly.

Selling a property through estate agents is really smooth and easy. Whatever your circumstances may be, they will be ready to buy your property. You may need a quick sale for bizarre reasons. Apart from divorce, separation and financial difficulties, you may want to sell your property for some other reasons. Thus, you might be lagging behind with your mortgage repayment; so much so that you are heading towards property repossession.

Or you may be going to buy a new home and want to sell out the old one. It may even be the case of going abroad all on a sudden. In all the above circumstances what you need is a quick sale of your property to be in control of your schedule. Your singular effort will not be enough to meet such an emergency. So, the help of an estate agent is a must. They will buy the property instantly, sometimes even within twenty for hours and shell out the money on time.



Rent Back Fast

No matter what social occasion you find yourself at this week, sooner or later someone’s going to bring up the issue of house prices.

It seems to be a national obsession. When they were going up, those who already had a house were rubbing their hands in glee at the thought of all the money they had already made, while those who hadn’t yet bought looked on in despair.

And now prices for countrywide property are levelling out a little, homeowners are a bit less smug… while the poor first time buyers just keep scanning local newspapers and property portals, in the vain hope of one day spotting a cheap property.

The reality is that even with prices slowing down, property is incredible expensive in the UK.

A new piece of research released in the last week by RICS, the Royal Institution of Chartered Surveyors, shows that the affordability of property has gone down by a staggering 351 per cent in the last 12 years.

The reality is that affordability problems are at an all time high, affecting countrywide property. A couple who are on a low wage – known as lower quartile where the household income totals £26,595 after tax – currently have to spend an average of 40% of their household income, just to pay the mortgage.

This is just under the record of 47.8% which was set in the first quarter of 1991, but still higher than is comfortable for many families.

And the situation is worse if you are a first time buyer. To get on the property ladder, a lower quartile couple will have to save up to 104% of their joint take home pay.

To make that figure seem more real, that means saving just under £28,000 for the up front costs of buying a house. That includes the deposit, fees and stamp duty.

Of course, this is a national piece of research, and figures will vary across countrywide property depending on the local markets. But it still makes scary reading, especially if you are looking for your first home and only have a few thousand pounds put aside.

Let’s take a closer look at the RICS figures for countrywide property across the UK. Unsurprisingly, London is still the hardest place for a low income couple to buy a house. And when you’ve bought your home, you have to spend just over 50 per cent of your monthly income paying the mortgage, according to the figures.

The situation isn’t much better in the south east and south west, where couples still have to save more than 100% of their combined take home pay to buy property.

In the north east the percentage of salary needed to pay the mortgage each month drops down to 29%.

So what effect does this have on countrywide property repossessions? As you would expect, RICS expects them to continue to rise. It believes that throughout 2008, 123 homes a day will be taken back by the lender.

There is one piece of relief on the horizon that could have a positive effect on mortgage payments. It’s looking likely that the Bank of England will lower interest rates later this week.

In fact it’s virtually guaranteed. The Monetary Policy Committee that looks at all the economic factors each month is due to meet on Thursday.

It made a cut in December. And a Reuters poll of 60 economists last week predicted another cut being “almost certain” this week. It’s thought the cuts are necessary to stop an economic slowdown from turning into a proper recession.

Whether you’re trying to get your first home or just pay the mortgage on your existing one, that’s sure to be a relief.



Repossession

I sold an expensive piece of equipment to a chiropractor out in CA (I’m in TX). The agreement was that he would pay $25K from his leasing company once it got there and then make up the $7,500 balance over three months. The delivery guy never did the job right (not my fault as the other guy hired the mover) and the chiropractor paid him in full for his moving services. The chiropractor has paid me $4K of the $7,500 and refuses to pay more until the machine is “fixed” but has made no attempts to fix it. Can I repossess it since he is in default? If so, do I have to return the amount he paid me? How would I go about getting a judge to allow me to get it back without spending an arm and a leg?

Sell and Rent Back

Many properties have repossessed this year. Due to recession, there has been an increase in home repossession. According to a survey, there were nearly 19,000 properties that were repossessed in the first half of 2008. It is not easy to digest who have lost their houses. If you are planning to buy your dream home at a reasonable price, you can look for those repossessed properties which are now available for auction, at a lesser price. If you would have purchased a new home you would have paid 50 percent more but if you buy the same house through auction you will pay half the amount. In the past three years there has been an increase in the percentage of repossessed properties that are auctioned by over 300 per cent. In numbers the repossessed properties that were auctioned were nearly 3,102 in the first half of 2008 from 800 in the first half of 2005.

A survey from the Royal Institute of Chartered Surveyors tells that the properties that were sold easily through auction over the past three years are going through a bad phase due to credit crunch. But there is a plus point with less competition in auction you can bargain for the property at a price you wish to buy. Many bankers and lenders sell repossessed properties on a single day itself because they want to receive their amount and so they don’t wait for achieving a higher price. Due to this many properties are sold at a low price which is enabling investors to get some excellent deals. Even newly build flats are being sold at huge discounts. If you buy a property at auction you can save as much as half the value of the property. But remember before you step into the auction room do your homework well.

See to it that you auction the property at a price that you can afford, because if you raise your hand once you have to buy the property. The timescale that is involved in a property auction is much tighter when compared to real estate agent. If you’re planning to buy a property through auction see to it that your finances are in place, as there is limited time frame. You have to make 10 percent of the purchase price on the day of auction and the rest within 28 days. So contact a lender in advance who will help you out. Many lenders will not be able to process the mortgage application in such a limited period of time. So it would be better if you take guidance of a good broker. Remember to inspect the property properly before going for a bid. Some auction properties have legal minefields like bad titles of ownership. So try to spot it in advance. On the day of the bid you should have 10 per cent of your maximum bid, solicitor’s bid, two forms of identification and auction catalogue. If you don’t carry these don’t go for a bid.



Quick House Sale

Foreclosure is a legal term predominantly on the minds of many American homeowners. The average American family works hard to afford a home in which their family can live comfortably. Most families do not have the cash up front to pay for their dream house in full. They will seek a loan from a financial lending institution such as a bank or a mortgage company to purchase this home.

To secure the loan, these financial lending institutions must be certain that they will get back their money back. Since a good paying job does not guarantee that a loan of this magnitude will be paid back, they require what is known as collateral, an asset they may seize in lieu of payments if the loan is in default ( no longer being paid back ).

Normally the home that is being purchased with the loan is put up as collateral and if the mortgagor ( person seeking the loan ) does not pay back the loan to the mortgagee ( money lender, borrower ), the house goes into foreclosure. The money lending institution may obtain a court order to proceed with the foreclosure and repossess or seize the house in lieu of repayment of the loan.

In some instances the financial lending institution may attempt foreclosure on a home or other property, but if the borrower repays the loan, a court of equity may rule in favor of the borrower who at that point will be able to keep the home or property in question.

The contract between the financial lending company and the borrower is called a mortgage or deed of trust. When a contract has been entered, effectively the lending company has agreed to give the borrower a certain sum of money in which to purchase the said property. The borrower agrees to pay this money back ( signs a promissory note ). The contract will also stipulate that a lien will be placed on the property meaning that the financial lending company has a right to seize the property ( repossess it ) if the loan is not repaid in the time frame that is stipulated and according to the conditions set out in the contract.

The process of foreclosure is used in any contract whereby real estate, homes, farms, land, and other immovable property has been obtained through a mortgage, and the mortgage holder has defaulted on the payments.

Judicial Foreclosure is available in all the American states. When the borrower defaults on the loan, the property is sold. The proceeds from the sale of the property first goes to repay the regulate on the existing loan, then to any other lien holders, and finally to the borrower if any proceeds are left over. All transactions are done legally through the court system.

Foreclosure by power of sale is sometimes added as a clause in the mortgage contract that defines the foreclosure procedure without court intervention. This procedure follows the same order as the Judicial Foreclosure irregardless faster since the courts are not involved.



Quick House Sale

If you are trying to stop repossession of your property, there are several things you can do to help the process.

First and foremost, you should take good care of the property. One of the worst things you can do if you are trying to stop repossession is to destroy the interior of the house.

Many people strip their house clean of valuable items in order to ensure that the lender receives as little of their personal belongings as necessary.

However, this will not stop repossession of your home. In fact, it can have the opposite effect as a property devoid of heating, carpets, kitchen appliances etc will be worth less when it is being sold.

Considering the proceeds of the sale of the property will be used to pay off the balance of the loan and any mortgage arrears that have accrued, you should do all you can to ensure that the lender achieves the highest price possible when they sell the property after repossession takes place.

Another important thing to do when trying to stop repossession of your home is to be honest with the lender. If you are completely broke then you should tell them.

It will cost the lender money to pursue you for your outstanding debts so they may not be so inclined to continue chasing you if you make them aware that there is nothing to chase.

This does not mean that you will successfully stop repossession by eliminating the debts you owe, however it can help to relieve the pressure of constantly being hounded for payments that you cannot make.

One important step in the process required to successfully stop repossession of your home is to check your credit file. Lenders will use this file as a tool to help determine whether you have enough money to pay them.

In fact, it is important to check your credit file regularly anyway to ensure that there are no unauthorised checks on your file from credit issuing companies.

If you have received a shortfall letter from a lender you should check your credit file to discover whether they have already performed a search.

Legal issues may arise from such an act that could weigh in your favour. It is, of course, necessary to consult with a repossession solicitor to determine whether this has any bearing in your particular case.

Every individual in the UK has a right to privacy and it is possible that an unauthorized credit search may breach this right.

Please consider the information above if you are hoping to stop repossession of your home.



Rent Back

There are times when in need of cash, you may have to go in for a quick sale of property. This may be prompted due to various reasons. Circumstances can range from financial problems, losses in business, inflation rate, divorce and costs of legal proceedings, to other emergency situations. It is then that your cash needs would require you to convert your immovables into liquid cash.

Liquidating your assets as in sale of your property is perhaps the best way to get hold of necessary cash, without having to pay high interest rates as in loans. The situation is critical when your bank balance does not have the required amount. And when the requirement for cash is not met even by reliable people around you such as family and friends, you may have to take recourse to other sources such as extracting monetary value of your property in the form of quick sale.

However, quick house sale can be a lengthy process because of the documentation required. What this means is, in short, a waste of a lot of time. It could take months to get hold of the amount when what you require is a few days. This problem can be sorted out by way of estate agents. They are the ones to look out for to get you that speedy service of a property sale. They have the experience and the expertise to help you out in any circumstance. Since they deal and negotiate on your behalf, you can save yourself a lot of hassles such as that of documentation.

Furthermore, quick sale of your property through the agents is a smooth affair. They would be ready to purchase your property in any circumstance, even when you are heading towards property repossession due to defaults on your loan or mortage repayments. Quick house sale can thus help you to smoothly meet your financial requirements in an emergency situation.



Quick House Sale

 

While the statistics concerning the number of property repossessions in 2007 makes shocking reading, a report by the University of York, outlining the effects upon the thousands of families who have seen their homes become repossessed properties, is even more so.

The report says that many families suffering from property repossessions were moved to “undesirable neighbourhoods” and experienced shattering “life-style changes” that left them depressed, lacking financial resources and having no social confidence.

Last Seconds offers a lifeline to families n these or similar circumstances. We are cash property buyers in the UK, who not only buy repossessed properties, we can buy your house for cash before a repossession order or County Court judgement becomes a physical reality. In addition, we offer you the opportunity to sell your house and rent it back, saving you the expense, stress and emotional impact of having to move from and to somewhere you don’t want to.

You can sell your house for cash to us and have the deal completed in as little as seven days; we’ll pay the valuation and legal fees and you don’t have to worry about finding a buyer. If you want to remain in your home, we can organise our ‘Rent to Buy’ option and you can buy your house back over a period of time; no moving costs, no family upheaval and you can remain in the place you feel happiest.

We receive thousands of testimonials from families who say that Last Seconds have “saved us from disaster”. Call us today and take control of your future.



Sell and Rent Back

Facing repossession can be a very emotional time in our lives. At the end of the day, as emotional as it is, it needs to be dealt with in the early stages. It is obvious that a situation as serious as this will not simply disappear into thin air if ignored. Many home owners unfortunately do tend have this attitude as they are unaware of how to deal with the situation at hand and it’s a lot easier to just run away from the problem. It is natural to think that we are doomed either way when the bank informs us that they are about to step in and repossess our property. Times like this can put a large amount of pressure on the home owners personal life, and can even be detrimental to their health. It need not necessarily be this way though, the good news is that repossession can be avoided.

It is important to remember that there is no reason to be embarrassed of your situation if facing repossession. These things tend to happen in life and are often caused by no fault of our own. Rather than burying ourselves in our own self-pity, the best thing to do in a situation like this is to take action, and take action immediately.

It is natural for most home owners to feel like giving up and simply handing the keys over to their bank, however this can have extremely negative repercussions down the line such as obtaining a bad credit record. This typically means that the home owner’s name  will be black-listed. Once a home owner gets a bad credit record they will typically be banned from the credit industry for the next 5 – 10 years. Having a bad credit record would also mean that something as basic as renting a property in future may prove to be difficult as most landlords perform credit checks before signing a tenant up. They will also be declined for basically any type of credit application that they apply for. This would include applications for credit cards, shopping accounts, cellphone contracts etc.

Fortunately the news is not all bad and there is light at the end of the tunnel. There are actions one is able to take which could help prevent the repossession and improve the situation drastically.

The following actions should be taken by all home owners facing repossession:

- Make contact with your bank as soon as possible and let them know of your dilemma, they will generally be understanding and will respect you for being open and honest. This will also tend to make the bank follow a more lenient and understanding approach when tackling the situation with you.

- Arrange for a longer bond term. If your bond is currently over a period of 20 years, you could request to change the term to 30 yrs, this will decrease your monthly repayments by a small amount. Even though it wont be a great amount, every little bit helps.

- Try to arrange a ‘holiday’ period. This is typically a 3 to 6 month period in which you do not have to make any bond repayments. This will buy you time to sort your financial situation out with the goal of being back on your feet by the time this grace period runs out.

Then, as an absolute last resort, there are fortunately people out there who specialize in helping distressed home owners out of their situation. These repossession services are usually made up of a group of property investors who specialize in purchasing houses for cash and as result provide home owners with an instant and guaranteed home sale before the bank swoops in and proceeds to repossess the home. These repossession services may not offer the full market value for the property, but instead will offer up to around 70% to 80% of the market value for a quick and hassle free sale. This can solve the home owners problem fairly quickly as these services generally understand how the banks work.

Ultimately the idea is to create a ‘win win’ situation where the home owner is helped out of an extremely stressful and problematic situation, the home owners bond is settled and their credit record is kept in tact. As a trade-off for providing this solution to the home owner, the property investor gets to buy the property at a slight discount, and everybody is happy. These services will even allow the home owner to remain in their home after the sale renting it back from the repossession company which can be very helpful if the home owner intends to remain in their home. 

It seems clear that utilizing the services of a repossession company who are able to buy houses for cash far outweighs sitting around and simply ignoring the problem at hand only to have the bank step in and claim everything the home owner owns, and ultimately leaving them with nothing but a bad credit record. It is extremely important that the home owner gets hold of such a service while there is still time to avoid the repossession. The links below might help you out of your predicament – feel free to check them out today.



Quick Property Sale

Presumably you have come across this article as a result of you desperately searching the internet for information on whether you can prevent yourself from being repossessed or not. You may be expecting nothing but negativity and rejection from anyone you try to talk to in an attempt to sort yourself out. It’s very easy for you to feel pretty low when your creditors are making threatening demands to you and giving you the impression that it is all your fault and you will get what is coming to you.

However, it is not all doom and gloom! If nothing else, I am on your side. I personally feel that if anyone is to blame it is the creditors lending irresponsibly to those who simply cannot afford the payments. They don’t care if you get into debt – they make money from you in the way of interest and late payment charges. Add on to that the (unlawful) charges made by banks as a result of you having insufficient funds in your account when direct debits fail to come out and on top of the original debt, you can end up in a right old mess in a very short space of time!

It’s a crazy system which goes out of its way to hinder the desperate efforts of those who cannot afford payments in the first place by whacking on a load more debt on top of the original debt as a ‘punishment’ for not having the cash to pay the bill in the first place. What they do not care about is the fact that they assessed you in the first place and lent you the money not caring in the slightest whether you could or could not afford to make the payments back! It’s a win-win situation for the creditors really! They cannot loose. In fact, the last thing they want you to do is pay the balance of your credit cards every month, paying no interest to them. The way I see it, they WANT you to get into debt!

In a situation like this, its not only your liquid assets which can become swallowed up, it could be your home too. The main reason I wrote this article is to let you know that that doesn’t necessarily have to be the case. If you have equity in your property, you can sell it and pay the debts off right?

Good idea in practice, you may be thinking, but it takes months at least to sell a property in today’s market, my bankruptcy hearing is next week and even if a miracle was to happen and I could sell my house that fast, I would still be left homeless! – Not always the case, please read on…

There are companies out there who can and WILL help you out of this mess, you CAN recover from this. Let me lay your concerns to rest one by one;

1. It does not take these companies months to purchase your property, when they say a fast sale, they mean a fast sale! Typically, they complete within 28 days but many, including my own, can push a sale through to complete within as little as 1 week. So no, it doesn’t have to take months to sell your property.

2. If your bankruptcy hearing is next week, or even in a day or 2, it is still well worth contacting a company such as this, as they can halt your repossession hearing by confirming that they are to purchase your property from you, which will enable you to pay your debts off and avoid repossession.

3. Most companies will generally offer you the chance to rent back your property from them, so you will not have to leave your home, although this is not obligatory. Some then offer a chance to buy the property back at a set price at some point in the future.

Be aware though, some companies are only out for what they can get from you. There have been reports lately that some companies have purchased properties and rented them back to people, only to end their tenancy almost immediately. This is not fair, and it’s not right. A decent company will only make an offer if they think it is in your best interests as well as being a good deal for them. Any which leave you high and dry are to be avoided like the plague! Ideally, you should be left in a position where you can repay your debts and either break even or have a little cash left over to spare. Obviously, this all depends on how much debt you have and how much equity you have in the property, but ultimately, you should come out of the other side in a better position than you were previously!

A good company such as my own also have Independent Financial Advisors on board to go through the other options available to you, should a fast sale or sell and rent back not be an option due to lack of equity, so in my opinion it has got to be worth a try. Being declared Bankrupt can seriously hinder your attempts to get a mortgage, or even a bank account in the future. Being repossessed is not a nice experience, and it’s such a shame that so many people are evicted from their homes due to debt problems simply because they didn’t try, or didn’t know about fast property buying companies such as these. Im not saying they are for everybody, but this is a suitable solution for a large majority of people in situations such as these and I think it really helps to have someone not only on your side, but also fighting your battles for you!

Although I can’t speak for every company, my own doesn’t charge any fees for their service, and they also pay up to £500 of your solicitor’s fees for you. This helps those in financial difficulty and is a great alternative to paying out thousands of pounds in estate agents fees to get a slow sale of your property instead!

No matter how imminent your eviction is, I would highly recommend giving this option a go, you literally have nothing to loose. If you don’t like what you hear, you can always say ‘No thanks’! You may be pleasantly surprised to hear a friendly, non judgemental and calming voice on the end of the line offering to help you, as opposed to the horrible green ogre that is the bailiff!



Rent Back Fast