When You Need to Sell Your Property Fast
We all know that to achieve the very best price when selling your home, you really need to be patient and not just jump at the first offer that comes your way. It may be that the first offer you receive is a fair one, of course, but patience is usually required.
What if time isn’t on your side, though, and you really do need to sell your home as quickly as possible? For example, perhaps you’ve been let down by your buyer and you’re going to lose out on your dream property if you don’t sell soon, or, maybe you are facing repossession. What then? If you are currently in this position, here are a few possible options you might want to consider.
Selling to a Family Member
Do you know a close family member who would really like to own their own home but who are struggling to find the money for a deposit? If so, perhaps you may be able to help them out, while at the same time selling your own home in a quick and secure manner. You could do this by offering them something known as a ‘Family Gifted Deposit’. A Family Gifted Deposit allows you to sell your house to a family member at a slightly discounted price. You can then ‘gift’ them the discounted amount as a deposit on the property.
To illustrate, let’s say that your home is worth £100,000 but in order to achieve a quick sale you would be happy to accept £90,000. In this situation, you could sell your home to a close family member and they would not require a cash deposit, as you could ‘gift’ them the £10,000 discounted amount as the deposit required by their mortgage lender.
Renting out Your Home
Another option you may not have considered is the idea of renting out your current home to free you up to buy another home or start catching up with your mortgage repayments again. Important considerations here are that you may need to get the permission of your current mortgage provider in order to be able to rent out your home and you will also want to account for the cost of the continued maintenance of the property or the possibility that a would-be tenant may not pay the rent. Still, renting out your home for a short or long-term period might well get you out of a financial hole or allow you to move on with your life.
Selling to an Investor
If you are prepared to sell your home at a discount price but you still can’t find a suitable buyer – as discussed in the first subheading of this article – then perhaps you might consider selling your home to an investor. There are many cash investors out there right now who are looking to buy properties quickly. While you may not achieve the price that you would on the open market selling your house this way, what it does offer is the benefit of a speedy transaction. Cash home buyers like Quick Move Now also offer to take care of some of the fees involved with selling your home too, which can be another potential barrier to selling your home.
So, while patience may be the key to achieving the best price possible when selling your home, it’s still good to know that there are other options available to you when time really isn’t on your side.