Repossesion, Repossession, Repossession!
Repossession is when a mortgage lender legally takes over ownership of a property and evicts the original owner, usually for non-payment of the mortgage.
It is the term that every struggling homeowner fears and according to the latest figures released by The Ministry of Justice, there is every chance their worst nightmare will soon become a depressing reality.
This Government data presented by ITN showed there were a total of 27,530 [repossession] orders, up 17 per cent on the same period a year ago. The figures are also 9 per cent higher than the last three months of 2007. The number of repossession claims - the first stage of the repossession process - was also 16 per cent up at 38,688 compared to a year ago, and 7 per cent higher than the previous quarter. (Source: ITN News)
The BBC’s regional breakdown of The Ministry of Justice figures shows that Wales suffered the most from an increase in the numbers of [repossession] orders made which was an incredible 26% in the first three months of the year compared with the same period last year. There was a 23% rise over the same period in the North West, and increases of 22% in the Midlands, 9% in the South East, 11% in the South West and 1% in the North East. (Source: BBC News )
These figures give a shocking indication of how homeowners are failing to cope with higher mortgage repayments after coming to the end of their short-term fixed rate deals, in the wake of the latest credit crunch.
If things couldn’t get any worse the RICS has just reported its fourth consecutive month of falling residential property prices, and claims that it is now taking an average of 7 months to sell a property once going onto the market. RICS spokesman Jeremy Leaf said: "Sentiment is at a very low ebb and will continue to remain depressed while the economy suffers from this unique liquidity blight… the next six months will be a crucial period for homeowners.”
This is not good news if you are hoping to avoid repossession by achieving a quick sale. Unless you are really lucky you may find yourselves in a heart-stopping race against time before your home is taken away from you without anything to show for it apart from long term damage to your credit record!
How Can I Sell My Home Fast?
In today’s market the best way to achieve a quick sale is by letting Flash Sale Home, a company specialising in how to avoid repossession, take care of your needs. So why would you consider selling without putting your home on the open market? It’s all about timing. Flash Sale Home can buy residential property within 28 days if required! This is a good six months earlier than the average UK sales market.
With Flash Sale Home you have the option to move on, stay for a short term whilst arranging your move, or rent back the property with an affordable, low rent and the possible option to buy back your home at a later date.
Flash Sale Home from Fernwell and Co provide a completely fee free way of selling your home, and they will even pay your solicitors fees of up to £500 if you use a recommended solicitor!
Sell Your Home For Cash
Given the increase in repossessions there are some very pressing reasons for homeowners to ‘sell and lease back’ on a pre agreed rent. Whatever your reasons for needing a quick sale, Flash Sale Home can provide ‘a no obligation, and completely free offer’ on your home. Once accepted you could sell you home for cash within 28 days.
The state of the market does not have to dictate how long it takes to sell your home, with Flash Sale Home you have the choice of accepting a fair offer without paying additional agents fees and thus avoid repossession.
Alternatively get expert advice on how to sell your home fast with ‘letsmovehouse.net’, a company specialising in home sales and in progressing your move forward. They will give you independent advice and can provide you with an objective view on how to improve the saleability of your home, particularly in today’s challenging market. This will include an assessment of the price of the property, how it is promoted, and its presentation.
With the number of UK homeowners at risk of losing their properties rising by a fifth in the past year, it’s time to take stock of your situation. Don’t become a dismal repossession statistic; sell your house fast and start counting your cash!
(Source: Anna Donaldson, Beacon PR)