There are times in a homeowner’s life when circumstances call for a quick house sale. Unfortunately, the property market rarely takes into account an individual’s situation. Selling property in the UK is notoriously unpredictable; and if time is of the essence, the process can be downright stressful.
But what kinds of situation would prompt a homeowner to put themselves through such a torrid experience? And why might an owner be willing to sell at a slightly reduced price? We’ve examined what is happening in the UK housing market right now, and we’ve discovered nine clear reasons why some people need to sell a property fast.
1. Problem Tenants
Whether you’re a buy-to-let landlord or someone who simply inherited a property, problem tenants can be the cause of untold stress and worry. Bad behaviour, poor hygiene standards or non-payment of rent are all issues that might eventually result in eviction – but the legal process involved can be long and laborious. If you simply want to get rid of the problem, selling the house quickly is a possible solution, although you’d need to be upfront about the issue with prospective buyers.
Once a person decides to retire, there’s very little to be gained from waiting around. Often, retirees want to move somewhere warmer or more picturesque, and they don’t want to waste time negotiating an unpredictable property market. Selling their property quickly means a retiree can get on with the business of enjoying a life of leisure as soon as possible.
Downsizing involves the sale of a family home after the children have all flown the nest. A large property that once housed five or six people can become a very lonely, empty place when one or two people are left in it. A lot of retirees downsize to something smaller — and use the extra cash to pursue interests or to purchase property in a more expensive area.
4. Relocation for Employment
If a job offer is predicated on relocation to a completely different region of the country, a fast house sale is absolutely vital. In extreme cases, jobs have been lost because homeowners haven’t been able to find a house buyer in time. The faster you can sell your home, the faster you can relocate and take up that job you’ve been offered. But there’s also the matter of freeing up cash to consider. If you’re moving far away, you’ll need the proceeds of a house sale to buy a new property as quickly as possible.
The loss of a loved one is always a sad and stressful time, and people usually want to move on and continue the grieving process without having to deal with the various legal issues. If you have inherited property as a result of your loss, you have the added burden of dealing with it — which can be exacerbated if you’re sharing with other beneficiaries. Selling a house quickly in these circumstances can stop arguments and let everyone involved move on.
6. The Breakdown of a Relationship
When a relationship breaks down, sorting through the legal issues — including home ownership — simply adds to the distress. It is only natural that both parties want to get things settled and move on with their life as quickly as possible, but delays on the property market can keep people locked together for longer than necessary. Selling a house quickly eases the pressure and ensures divorce or legal separation can conclude as amicably as possible.
7. Sudden Job Loss
There are many consequences associated with the sudden loss of a job, and missed mortgage payments is one of the most serious. There’s also the issue of living expenses to consider, which might be way above what your new income can cover. Selling a house quickly can help you to cover bills and living expenses until you’re back on your feet. You may also be able to downsize your home to something more affordable.
8. Prohibitive Renovation and Repair Costs
Whether you’ve bought a fixer-upper or your home has gradually fallen into a state of disrepair, the costs of putting things right can be prohibitive. Whether you simply don’t have the cash or you can’t be bothered with the hassle, securing a fast house sale hands the problem (and the expense) to someone else. You can then use the proceeds of the sale to buy a home that is ready to move into.
Once that initial letter from a mortgage lender lands on the doormat, the homeowner is in a race against time. If a suitable repayment agreement can’t be agreed, repossession proceedings in the courts can begin quickly. And if the property is repossessed, the owners not only faces a bill for any shortfall, they face the prospect of a severely damaged credit rating. But selling the property quickly can stop the repossession process in its tracks — as long as the sale price covers the outstanding loan.
If you need to sell a house fast, there are alternatives to the open property market. Selling to a house buying company cuts out the marketing and viewing stages of the process — saving time and money.