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Top Mistakes when Selling a Property ABOUT TO BE Repossessed

 

  1. Not meeting with the lender or a debt councillor first
    It’s essential to get professional help. This might be the first time this has happened to you, so find someone that is experienced such as the National Debtline or Citizens Advice. There is even government help for you to stay in your home, so find out about it first!
  2. Don’t give in – what else can you do?
    Try to find a way to pay the mortgage if you can, especially if the property is worth less than your mortgage as you are still likely to be chased for the difference and the costs. You could get help from the government, friends and family – may be someone could part buy the home from you as an investment? What about a lodger in the short term? What will your mortgage company do to help you? They earn tens of thousands of pounds out of you as a borrower over the lifetime of a mortgage, so it’s better to keep you than let you go.
  3. Sell to the first cash buyer that comes along!
    Don’t! If your property is repossessed, then the lender advertises it for sale and gets an offer, they will tell everyone what the offer is and see if there is someone that will offer more. However ‘lovely’ the cash buyer is, don’t just sell to them, seek out a better offer from elsewhere if you can.
NALS Conference Chair 2016

Kate's Consumer Portal

Propertychecklists.co.uk

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