Selling Your Home

If you decide the best thing is to sell your home and you have the time, get a valuation from two or three local estate agents. Ask how bouyant the market is and what the level of demand is for your type of home. If you have not gone into arrears are have only just slipped into arrears contact your lender with a payment plan and advise them your home is on the market and how much it should sell for.

If you have a repossession order take along sales particulars for your home and stress the difference between the sale price and the amount needed to redeem your mortgage. The greater the equity, the longer the Courts will give for you to sell your home. If there is considerable equity within your home and you are in arrears you may be able to borrow money on a second charge basis as a secured loan or non status bridging loan.

There are a growing number of companies that now offer to buy your home with exchange of contracts in 24 hours whcih will halt any rpeossession proceedings or stop an eviction. They will not be so generous to offer you the full market value with some offering as little as 50% if they sense you are desperate. They can scare you into believing that selling for so little will benefit you in the long run to avoid being entered onto the repossession register and stating that it will be highly difficult to own your own home in the future.

Make sure you take advice from many people, including The Citizens Advice Bureau, maybe speak to a solicitor and also see what finance options there are from a mortgage broker. Maybe a small loan to mop up the arrears so that you are not forced to sell well below market value or maybe given the time to refinance so you do not have to sell your home at all.

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