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Top 10 Tips on Selling BEFORE you are Repossessed

 

  1. Check that you have to sell the property first. Could you rent it out and move somewhere else temporarily so that you can cover your mortgage payments?
  2. Try to hold onto the property until you can sell it for more than the mortgage payments and the costs of selling.
  3. Talk to your mortgage lender about how you can sell the property quickly prior to being repossessed – they may take the pressure of a date to repossess if they know you are actively going to sell.
  4. Consider selling via local auction houses, which you can find on websites such as the EIGroup.
  5. You can approach companies that are called ‘asset managers’ who work for lenders POST the repossession stage and will often buy the property off you before it’s repossessed. For example, Movewithus, ARC etc.
  6. Be wary of sites and companies that offer ‘cash for quick sales’. They could try to secure the property at a bigger discount than you need to sell at.
  7. Don’t fall for cheeky offers that use ‘the buyers’ recommended solicitor’ they may not act wholly in YOUR interest, so if they are offering to pay for the conveyancing (ie the legals) find your own solicitor (we can help) and then ask them to pay the bill. For help, contact us via email at enquiries@designsonproperty.co.uk or tel 0845 838 1763.
  8. Don’t be bullied or harassed by ANY company to sell them your home.
  9. If anyone approaches you and says they will buy your home and you can rent it back from them, check that they are authorised to do so by the Financial Services Authority – if they aren’t they are breaking the law!
  10. Be aware that even if the lender ends up repossessing your property they have a duty to you to secure the highest price possible as they will try to secure any gap in mortgage value minus the sale value from the previous owner.

 

NALS Conference Chair 2016

Kate's Consumer Portal

Propertychecklists.co.uk

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