At first glance, the UK property market appears to be in the grip of solid and unrelenting growth.
After all, house prices soared by 9.5% across the whole of 2015, while further growth of 7% if forecast for this year. There are concerns that this growth is being inflated by a serious imbalance between supply and demand in the housing market, however, with a lack of available, listed properties enabling home-owners to sell their home for a premium.
In fact, there remain a number of citizens who are struggling to repay their mortgage and may even have defaulted on their loan. This became a huge issue after the onset of the great recession, and while the economic climate has improved there are still citizens who are struggling to manage their financial requirements. This is precisely the reason why the quick house sale market emerged in the wake of the recession, as it offers a medium through vendors can sell their home quickly while recouping as much of their original investment as possible.
There are many benefits to the type of quick house sale offered through UK providers like Openpropertygroup.com when the burning “How do I sell my home fast?” question repeats over and over in consumers’ minds. The first of these is the speed of the transaction, with the majority of leading firms offering to complete a transaction within seven days. Purchases are also completed in cash, which can instantly be deposited, used to pay of mortgage arrears and potentially provide a deposit for a brand new home.
Avoiding Repossession and building for the future
Perhaps the greatest benefit of an official quick house sale is the fact that it can help home-owners to avoid the threat of repossession, and which in turn can minimise the damage to your credit record. While you will incur some damage due to late or missed repayments, you will also avoid a foreclosure that may prevent you from buying a new home for years.
These benefits are hard to ignore, especially if you have already defaulted on your own and have little hope of rebuilding your finances or credit score. In fact, the only marginal downside is that you may be forced to accept an offer that is slightly below market value, although this is offset by the speed of completion and the cash nature of the payment. You must also balance any potential loss against the alternatives and the financial and human cost of repossession.