Good question. People have diverse reasons for selling their homes. Not all sellers require a fast house sale, but for some the thought of waiting 3-12 months in anunhappy situation is simply too long. If your property is struggling to sell on the open market or you just want a quick no-fuss house sale and are prepared to pay a bit less than the over-inflated valuations of estate agents then you should consider using a company that specialises in buying properties for cash.

Most house buyers have the luxury of lots of time to pick and choose exactly which property they want to buy, particularly true in the current economic climate when house prices are falling and house buyers are keen to pay the lowest possible price. This is fine if you don’t need to sell your home fast and can just wait until the next link in the chain is able to move or prices stabilize. Unfortunately this isn’t always the case. The chain may collapse and you lose the house you are trying to buy; leaving you stranded for another 3-12 months. So, if you need to sell your house fast there are companies who can help.How does it work? Easy, most sites buying properties for cash have an online quick quote or application form - you just fill in your details to get things underway. They then research your specific area and contact you with an offer (subject to survey) based on a range of factors. If this is roughly in the range you require then an independent surveyor will come and value your property. As long as there are no major issues affecting the valuation the whole process can be completed in 3-5 weeks.The normal estate agent route can take between 3-12 months to sell, depending on the buoyancy of the market in your area. To ensure that you sign with them, rather than Joe Bloggs down the road, estate agents will often over-inflate their estimate of how much your property will sell for and then get you to drop your price after a couple of months with no offers.

This might not be the right solution for your situation but it is worth considering all your options if you need to sell your home fast.

A few years ago bankruptcy and house repossession were considered the domain of the feckless or business failures.  How times have changed!  The growing number of personal and business bankruptcies is testament to the change in our attitude to this.

The general acceptance of these predicaments doesn’t lessen the emotional pain and stress that this generates within a family.  The loss of a family home due to repossession and having to relocate to a new area that is unlikely to be as close to schools or work will have a deep impact on parents and children alike.

Unfortunately by the time your lender is talking about repossession, time is really beginning to run out.  So, how have you arrived at this precarious position?  Ignoring the red reminders isn’t going to make them go away.  Sleepless nights over a prolonged period worrying about money will affect your reasoning abilities, but disappearing into a bottle isn’t the solution either.  Blaming yourself or your partner isn’t going to resolve the problem, nor is arguing about whose fault it is.  What you have to do, and fast, is to try to find a solution or way out.

Having your property repossessed is just about the worst option for you.  Any equity you may have could be lost as the lender may well sell at auction or significantly below market value, simply to recoup the money they have lent.

1. Don’t ignore the warning letters.  Seek help from the Citizen’s Advice Bureau.  They should be able to put you in touch with a debt advisor.  CAB offers a free service - so don’t use any agency that requires upfront payment, you will just be compounding your problems with another debt.

2. Speak to your lender.  There are horror stories about how badly they treat defaulters, but the advice you will receive from just about everyone is to let them know of the situation.  You may be having problems because of a prolonged period of ill health; redundancy; steep rises in mortgage payments that you can no longer afford; personal difficulties, which leave you unable to work or other similar situations.  Lenders are required to be as helpful as possible but remember they are not providing social housing - they are running a business.

3. One possible solution is to sell your home and rent it back from a company like Sell-My-House-Fast.  There are many companies providing this sort of service and the rates offered range from 75-85% of your property’s current value, depending on who you use.  The beauty of this option is that any equity built up since you first purchased your home will be realised rather than lost.  You also get to stay in your existing home on a rental basis.  Sell-My-House-Fast offers a tenancy scheme that provides tenants with the peace of mind and security that should enable them to start afresh.  The existing mortgage is paid off, you get a lump sum of any remaining equity and those horrible repossession nightmares just disappear.

4. Another option is to try to sell your home and stay with family or friends or find somewhere to rent that is affordable.  You will need to factor in here the time it can take to sell your home on the open market, which can be anywhere from 3 months to a year.  Sell-My-House-Fast can complete within 3-5 weeks!

5. See if you can get housed by the local council.  Given the length of many council housing waiting lists I wouldn’t hold my breath!

Having your property repossessed isn’t the end of the story.  Repossession will affect your personal credit rating for years to come, which will make it even harder and more expensive to get back on the housing ladder.  Indemnity insurance will be increased and you will find it harder to get credit.

Above all, try as early as possible to recognise the warning signals and act on them.  Cut your expenditure on non-essentials to zero.  That means no cigarettes, no drink, no chocolate or other “little” things to make you feel better.  Believe me, all those “little” things add up to one huge hole in your budget.  Face up to the situation and try to find a way round it or seek advice on the best solution.

Want to find out how much Sell-My-House-Fast  would offer for your home?  If you want to find out if Sale & Rent Back is right for your current situation, why not complete the simple online quick quote form to see how we can stop your property being repossessed.