Cash Buyers for Houses and Court Orders to Sell House

It’s a sad, hard and true fact that people are forced to sell their homes. So many people are living on the breadline, even here in this ‘wonderful’ country that the slightest dilemma can send them into spiralling debt. None of these people are helped by the availability of easy credit simply because the easier it is to get the more expensive it is to pay off. Anyone can fall foul to crisis and none of us are above the law or the possibility of losing everything that we hold dear. When the court orders to sell house are read out it is usually someone’s life, hopes and dreams down the pan. The biggest trouble is when the court orders to sell house rather than the owner selling the house first as they will lose far more than just their home. Getting your credit score back once you’ve been down this road is likely to be a long hard job and if you ever want to own property again it’s exactly what you’ll have to do. There are however cash buyers for houses that can give you the opportunity to save you years of scratching around by stepping in and at least in part paying off your debts for you. There is also a major difficulty in knowing who you can trust and believing anything that is put out there in the market place as advertisers have no qualms on whose money they will take.

 

A big advert may not give you the best deal by any means as they will have a big marketing budget to support in the first instance. Similarly the small adverts may not have the required backup or knowledge to service your needs if you are in the desperate situation. What is clear is that any court orders to sell house will be considerably more expensive than if you are able to divert the problem before the court case and move it onto a cash buyers for houses company. When a property is repossessed all the repossession costs will be borne by the owner including the legal fees, the sale fees and the house will still have to be reduced in price to meet any time criteria. Cash buyers for houses have their role and provided you can trust their judgement and are won over by their influence it will certainly be a better bet than going to court. Of course it’s not only houses but apartments and even blocks of apartments that can face repossession and major costs if the payments on the original borrowings aren’t maintained. This week we’ve visited a few blocks of apartments that have been through the hands of the receivers where the owner had staked a lot of money and still lost out. There should really be a clear warning for all potential home owners. The usual ‘your house may be repossessed if you do not keep up repayments on this mortgage’ doesn’t really cover it when a lot of people are simply better placed to rent than buy in the first instance.

 

Few people understand the difficulties of home ownership which can be compounded if they want to become investors or landlords. Many problems stem from the cost of repairs or refurbishments. Two of the deals that have come in this week have been repossessed due to the cost of refurbishment being far more than the owner had budgeted for. When it comes down to it, the only value that matters is effectively what someone will pay for a property, so whatever you have spent doing a place up isn’t necessarily going to add a penny to the sale price. When a sale is forced by a court order the likelihood of getting even your deposit back is very slim. The cash buyers for houses never proceed with an offer on any property until they have fully and independently researched the true value of it. What they offer to you as the seller is likely to be far less but it can still be more beneficial than the court route. When you as an investor network with other property investors you are able to speed up your education around property. There may be more credibility if you work as or with a limited company to sell or buy where different rules apply so enabling the company structure to act as a shield for tax or debt.

 

There are many reasons why a property might get repossessed and the court orders to sell house becomes a reality, but paying less for a property gives a greater margin for error if prices fall or there is a need to accept a lower rent and it also gives a greater return on capital. This creates a dilemma between the owner who is given the court orders to sell house and the cash buyers for houses who both want the best deal for themselves. Once the owner’s financial difficulties lead to a down grading of their credit rating it will become far more difficult to borrow money by any of the conventional means. It makes sense for buyers and sellers to check their credit ratings periodically. All experienced landlords should have heard of leverage, but for sellers too it can be an important word if they understand the value of saving their credit score, against letting court action diminish their opportunities. Using other people’s money, experience, ideas and time can help a bad situation or at least stop it getting any worse. So the cash house buyers may have a poor reputation in many places but when they can be trusted to create a win/win scenario they can certainly help those who have got themselves into a financial pickle. It shouldn’t be forgotten that everyone really has the responsibility for looking after their own money and if they squander their resources or are foolish there is little point trying to blame someone else for their own misgivings.

 

Always be willing to look at alternatives before court action.

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