| When you are faced with a situation where your | | | | chain decides they are not going on with the deal |
| mortgage lender wants their money back and | | | | - disaster. |
| you are not in a position to pay, you will be faced | | | | Selling the house on your own through a quick |
| with two possible scenarios. The first one is of | | | | buyer also has another advantage; you avoid |
| course to wait for the lender to take up the duty | | | | paying all those fees that go with buying and |
| of repossessing the house or alternatively you | | | | selling of property. Your buyer in the case of a |
| take it up upon yourself to sell it and pay your | | | | quick sale will take care of all valuation as well as |
| arrears. Whenever you are faced with a deadline | | | | legal fees and in most of the cases; you can |
| you will minimise your stress levels if you opt to | | | | easily negotiate a sell and rent back arrangement. |
| sell your house for quick cash and in the shortest | | | | This becomes a win win situation where you get |
| time possible. The reason is that when you sell a | | | | relief by getting money to pay back the lender |
| house using the traditional methods through | | | | and the buyer buys a property at a great |
| property agents you are likely to take such a long | | | | discount. The same buyer now turns out to |
| time you will get caught up with any | | | | become your landlord and since they get a ready |
| circumstances you were trying to escape in the | | | | tenant, they will not spend time advertising and in |
| first place. It even becomes worse if the home is | | | | return you will avoid the stress and hassles of |
| sold through an auction because what you get will | | | | relocating. But then the greatest relief you will get |
| be much lower than its value. | | | | is regarding your credit portfolio. |
| When you do it on your own, you will most likely | | | | In the contemporary market you may have hard |
| go to a cash buyer who will buy it in the shortest | | | | time selling a house that seems to have seen |
| time possible. The only downside of this process is | | | | better days for want of minor repairs and some |
| you will be paid up to 30-40% lower than the | | | | little re-decorating. The same may not necessarily |
| market value. But looking at the positive aspects | | | | be the case in the sell and rent back scheme. |
| of the whole picture, many people have opted to | | | | Your buyer will do a valuation and since they will |
| go this direction. You will also be certain how | | | | be buying the house at a good discount and you |
| much money you are going to receive and | | | | will remain to be the tenant for some time, there |
| therefore know if it will take care of the arrears | | | | will always be time to do the attendant repairs. |
| that are troubling you. One other thing you will | | | | When time is of essence you are better off |
| avoid when you get a cash buyer yourself is the | | | | looking for a cash buyer yourself and dealing with |
| chain that is likely to be there when dealing with a | | | | them directly as opposed to letting your lender |
| property agent who must get a buyer who | | | | take care of those details, you stand to gain |
| knows where they will sell the house in the first | | | | much more in the process and at the end of the |
| place. You will end up burning up crucial time which | | | | day, there is the possibility that you may end up |
| may end up being months in some cases. You | | | | buying the same house again when you are back |
| can imagine what happens if one person in the | | | | on your feet. |