Using Quick Property Sale Buyers

If you are in a situation such as wanting to avoid repossession, or needing to sell so that you can finally move on from a divorce, etc then you might want to consider using a quick property sale company who will buy your property for cash.

Because they have the finances available they can buy your property in as little as 1 to 4 weeks and they usually pay your legal fees as well. So should you consider using one of these companies?

You must understand that they are in the business of making money. Realistically they will only offer you around 70% of your property's market value. It may be a bit more or it could be quite a bit less depending on the condition and location of the property.

They'll be prepared to pay more on something that they know they can sell on later for a good profit because it's in a nice area or if they know that the area has a buoyant rental market. If you've a run down property in a run down area then your home will have much less appeal and so any offer made will therefore be low as their potential to make profit is much less.

But getting only 70% of the value can still leave many buyers in a position of being able to walk away from their property without the financial stigma of being repossessed which will make life difficult if you need a loan or another mortgage. It takes 6 years for your name to be removed from the Council of Mortgage Lenders repossession register.

If you decide to use one of these companies then keep a cool head and remember you don't have to say yes if you don't like the offer. You can always try another company if you feel the offer is much too low. Also go for one that is FSA (Financial Services Authority) regulated to avoid any potential problems.

Usually once you have contacted them they will give you a rough figure of how much they are prepared to offer. If this seems to be reasonable a meeting will be arranged so that they can view the property. If they can't see any potential problems they may well give you a formal offer during the visit. If you accept then the exchange can go ahead straightaway. This will give you a certificate of sale that will allow you to halt any threat of repossession. Completion will then follow in a few days.

If they spot any potential structural problems during the visit they will most probably want a full survey done which they will pay for. Then after they receive it they will make their offer.

As you can see it's a very quick process and is a lot less stress than other ways of selling. Sometimes walking away with little or no profit from selling your home is better in the long run for you and your family but weigh up the pros and cons before you sign.