Finding the right approach to sell property quickly can be difficult in a falling market, but it can be important to stave off negative equity and repossession when finding it hard to make monthly mortgage repayments. It is possible to get a quick house sale by following a few sensible steps.
Tips to Sell Property Quickly and Avoid Repossession
- Improve the condition of the house. Most buyers don't want to buy a house that is in need of maintenance and repair. In an article entitled "Phil Spencer's Selling Tips" it was stated that, "A fresh coat of neutral paint, new tiling or lino, and a couple of new kitchen doors can do wonders to smarten up a tired-looking property."
- Perform home improvements. Securing a quick property sale is vastly easier subsequent to performing a few home improvements. Installing double glazing or getting a new fitted kitchen are very desirable to any potential buyer. However, it is better to keep the price down and avoid home improvements in a falling market as buyers are more price sensitive.
- Price competitively. Get a valuation by an estate agent and find out how much houses in the area are selling for. Ask what price would be required to ensure a quick house sale. Holding onto a property for a set price isn't a good strategy in a falling market.
- Stamp duty rates. Properties sold for up to £175,000 are free from stamp duty. If selling a property that is fractionally above this limit, lower the price to so it falls within this banding. It will help greatly with selling a property as people hate paying tax.
- Method of sale. Using an estate agent will cost 2% of the sale price. A private property sale on the Internet, through a site such as Right Move, can cut costs substantially. Passing on these savings helps price a home more competitively for a quick property sale.
- Pets and pet smells. A smelly or dangerous family pet can put off potential buyers. Dean Sanderson, director at Sanderson James Estate Agents in Manchester stated "I've been to houses that keep pit bull terriers that would frighten anyone half to death." Get a friend to look after pets and remove any bad odours before letting a potential buyer visit.
- Leaving washing drying on radiators. Buyers are looking for their dream home. Selling a property quickly is vastly less likely if that home resembles a laundrette.
Arrange a Sell and Rent Back
Provided that at least 25% of the properties equity is available, it is possible to arrange a sell and rent back to a property cash buyer. This can help someone avoid repossession and remain in the same home.
Whilst selling a property quickly is more difficult in a falling market, there are still buyers about. Follow the advice above and price competitively to secure that quick house sale. If battling against repossession, consider a sell and rent back as it can stop repossession in it's tracks.
Those who are interested in selling their home may also wish to find out more about Finding a cash house buyer and How to sell a house privately and avoid estate agent fees.
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