The Red Tape of getting your Home Repossessed

We keep being asked for more information about the repossession procedure.

In response I have added a brief blog post dealing with the process.

This is a light hearted summary of the process.  I have tried to keep it light hearted but please be reassured we do take repossession very seriously.  If you are looking re avoid repossession call us now on 0800 0949 123 and we will try to help.

At least 25,000 properties are repossessed every year throughout Wales and England and with an average number 530 000 houses sold, that makes 1 in 22 houses being repossessed.  This number is at a fragile state, as the ball could swing to the worse, as the fragile economy is going through its redevelopment process. So whether you’re getting repossessed or just plain nosey, read on, as I will be covering the steps behind the Nightmare not on ELM street but on your street!!

The first problem starts when for 2 or more months of your payments start to slip and your mortgage lender sends a polite letter via the Arrears Collection Department for you to pay your outstanding amount. If you have found yourself at stage 1 and not able to pay the full outstanding amount then I recommend making contact and find a way of settling the problem at hand before it unnecessarily spirals downwards.

Stage two is dealt with a solicitor who sends a polite yet firm letter explaining the seriousness of your situation. It’s like ordering the extra peri-peri chicken. Looks good, tastes good until you realise you out of milk and in a hot situation. Its never to late to late to stop repossession, Contact Right Home Sales, we can help you out with a glass of milk and more.

If at this point you have not been able to come to an agreement with the solicitors, then the unfortunate wheel of Repossession will start. Your case will be forwarded to the County Courts whereby they will send a suited man to send the bad news of your SUMMONS and your court appearance date. You will also receive a defence form (N11M), which you must complete and return to the court within 14 days. This form gives you the chance to explain your circumstances. This is your opportunity to explain why you are in arrears, and how you plan to repay the arrears.

There are a number of possible outcomes of the hearing

Adjourn-you will be given a new date for your hearing

Dismissal of the Case- Usually followed if the payment has been settled.

Order for Possession-This will give the Lender to take ownership after a fixed period of time- Anywhere from 28 days.

Suspended Order for Possession- The Order is suspended upon payment of the current monthly instalment and an agreed amount towards the arrears. This order is very readily applied. It allows the defendant a further chance to keep possession and gives security to the lender. If the defendant default s upon payments, then the lender may take immediate possession by a Warrant Possession.

Eviction notice! This unwanted letter will only follow if you have defaulted upon your payments agreed from the Suspended Order or if you have over stayed the prescribed days allowed for the Order of Possession by the courts. There is nothing quite distressing as having your home prepossessed plus the long term affects of bad credit that will follow from it. Take the Right steps and contact Right Home Sales and avoid repossession now.

September 1, 2010  Tags: , , , , ,   Posted in: Legislation  Comments Closed

How to sell your house in a flooded market

Now more than ever, home buyers have an upper hand in the real estate market. While distraught home owners try desperately to sell their homes to get out of bad mortgages, banks are auctioning repossessed properties, landlords are offering an alternative to rather rent and wait for the market turn, and home builders give away brand new homes at bargain prices, leaving home buyers with the upper hand and home sellers cursing a seller’s market.

This surplus of choice for the buyer, leaves some sellers desperate for a solution to their home selling trouble. Thankfully, all over the United Kingdom real estate investing is growing in popularity but at what cost to the seller?? None but an instant sold sign!!

If I were selling my home in Birmingham, where I live, there would be any number of resources available to me to find such an eager buyer. Search engines are great tools that allow you both to locate and find reviews of local Property buyers. Some may find it intimidating filling out information about their property on an internet site but with Right Home Sales you can have full confidence that every enquiry is dealt with the utmost privacy and will only be contacted by REAL people to discuss your Home.

Many people hesitate to sell their house for any lower than they paid for it, only to spend months on the market and having to lower their asking price anyway. A great way to avoid this eventuality as well as save on real estate agent costs is to to sell directly to a home buyer like Right Home Sales. They can usually tell you in a matter of minutes whether they are interested in your house, often times without even having to step foot in it. Because they are experienced home buyers, have knowledge of the market, and most likely have financing readily available, they can make you an offer on the spot.

Think Selling Home, Think Right Home Sales.

August 31, 2010  Tags: , , , ,   Posted in: Sell house quickly  Comments Closed

Looking to sell your home fast – You are not alone!

Are you one of the 1.1m stuck trying to sell your house quick??

More than one million home owners are trapped with worry if anybody will ever “ buy my house”. A recent report by… revealed that in the past year more than a million people have tried to move house but been unsuccessful to attract potential purchasers.

This is a crippling effect for home owners trying to sell their house quickly in order to buy a bigger house for a new arrival into the family or relocating for a new job. Whilst some home owners may need a quick house sell for cash in order to pay for a mortgage they cannot afford during these tough times in the recession.

A recent study by the well known Santander discovered that there had been a double in failed sellers trying to get a buyer. Director of Mortgages at Santander, Phil Cliff, said “Many buyers are unable to secure a good mortgage deal, often because they find it difficult to save a sufficient deposit.”

The research showed that first time buyers on average required  24 percent deposit, which then on an average property price of around £160,000, would then require the buyer to put down a £38,000 deposit, which for most, isn’t a viable situation.

What has emerged is that the number of owners trying to sell is increasing whilst the number of buyers has decrease thus giving the buyer more options to choose from and leaving the home owner wondering how they could “sell their house quick”.

The second part to the conundrum is that the seller would have an enduring wait of more than 9 weeks in order to complete the selling of their house.

Don’t wait for a buyer. Head straight for a QUICK and CASH paid sell with no fees, just cash. Take the step to freedom from the trap of selling your house and contact Right Home Sales Now or fill out our 60 second form and we’ll call you back.

August 26, 2010  Tags: , , ,   Posted in: Sell house quickly  Comments Closed

Buy My House Before the next Recession

Apparently the Bank of England Monetary Policy Committee Member Martin Weale has indicated that we may well be slipping into a second recession, or for the double dip predicted previously by other experts.

Some say that the aftermath of the recession has hit may people in the UK harder than the original ‘recession’.  Considering the impact on the property market we definitely did not see any evidence of a recovery from the original recession.

Double dip or  doubly dreadful recession.  The aftermath of the previous labour government has still left this country reeling.

48,000 reposssesions last year and people regularly calling us to buy their house as they have been unable to seel in this stagnant housing market.

To sell your home fast, call 0800 0949 123.  Fingers crossed that this latest peice of doom and gloom is untrue and the country will recover quickly.

August 24, 2010  Tags: ,   Posted in: Legislation, Problems with selling  Comments Closed

Sell Now to Avoid Negative Equity – Housing Market Not Recovering

A new report produced by Price Waterhouse Cooper today has indicated that the housing market is not likely to reach the 2007 levels until 2015 at the earliest.

We are not set to see an increase in property prices this year and may even see a further fall.  The rise in mortgage interest rates could well lead to a further drop in the housing market.

For years we have all been watching the popular TV shows such as Property Ladder, Relocation/Relocation, Changing Rooms etc.  With encouragement from the TV ‘property gurus’ people have invested in property hoping to replace their retirement funds with property.

Unfortunately it is currently a property snake rather than a property ladder as the values slide down further. In the giant game of snakes and ladders people are starting to experience big losses.

Everyday we speak to people who are looking to release the equity in the house now before the value slides down further.  Taking that positive action now can help them avoid further financial losses.

If you feel trapped and need to sell your house quickly call us on 0800 0949 123.  We are still buying houses.

More and more people are now looking to rent rather than buy houses.  We buy houses and rent them out to people looking for the right property to rent.

July 13, 2010  Tags: , , , ,   Posted in: Sell house quickly  Comments Closed

Surveyors downvaluing?

We have been valuing properties for years now.  Based on a number of tools and techniques, comparables, liaison with appropriate professionals etc.

Recently, more than at any other time in our property careers, we are now finding that surveyors are downvaluing properties.  When called upon by the banks to carry out valuations as part of the mortgage acquistion process surveyors are actually downvaluing.  Not erring on the side of caution, which would be understandable given the current economic climate, but actually down valuing.

Once again this is causing chains to break as people lose the sale of their property.  The buyer cannot get a mortgage because the surveyor says it is not worth what he had intended to pay for it, and so the whole chain breaks.

The new Government claims to be considering ways to reduce the ‘red tape’ for private sector landlords.  It seems like they need to do more than that to really kick start the UK housing market.  Firstly they need to do something to rekindle confidence at all levels to enable surveyors to be more positive.

We are still buying houses.  If you are looking for people who buy houses call Right Home Sales on 0800 0949 123.

June 15, 2010  Tags: , , , , , ,   Posted in: Problems with selling, Uncategorized  Comments Closed

Selling your house – throw that Hip away!

The new coalition Government has abolished the requirement for home owners to commission the preparation of a Home Improvement Plan (Hip) prior to selling their house.  The Government has decided that these do not help the housing market and are of little benefit to either sellers or buyers.

An Energy Performance Certificate (EPC) is still required though!

Hopefully ultimately the new measures imposed by this new Government may help to kick start the British housing market.  However, at present the market has yet to improve significantly.

The Government are still debating all additional measures that they may bring in which will affect property investors and private landlords.   First time buyers (who are still finding it difficult to obtain mortgages) and property investors/private landlords have held up the bottom of the British housing ladder for years.  Lets hope that this new Government finds ways to help the property investors rather than imposing more stringent, onerous and costly obligations on them.

May 21, 2010  Tags: , , , , ,   Posted in: Legislation  Comments Closed

Sell your home fast – A simple guide to a quick house sale

Do you need to sell your house quickly?

There are a few ways to sell your home fast, including:-

  1. Find a company who buys houses. Call Right Home Sales on 0800 0949 123.
  2. Find an individual property investor. An individual property investor might be interested in buying your property at a discounted price. T hey will want to negotiate with you.   To find an interested investor you could try advertising the property on line on websites such as www.gumtree.com (free to advertise).
  3. Sell at Auction. There are a Estate Agents who specialise in selling properties at Auction.  If you do a search on this on Google.com to find a local Estate Agent in your area that specialises in taking properties to auction.  They will do much the same as an Estate Agent normally would including marketing the house, arranging for people to view the property, they will set a date for the Auction, agree a ‘reserve price’ ie the minimum price you are willing to accept.  At an auction contracts are deemed to have been exchanged as the hammer drops.  Solicitors will then proceed to see the sale through (has to be within 28 days).  From our experience properties usually sell at 40% of their open market value at auction.  It is worth bearing in mind that buyers attending an auction are looking for an investment property that they can buy at a discount price, do up and sell for a profit.
  4. An Estate Agent will usually take at least 8 months to sell your house.  They are marketing lots of properties in your area, not just yours.  You can ask an Estate Agent to sell a property at a discounted rate in order to try to secure a fast home sale.  However, this way is still the slowest.

This article is intended as a guide only.  To sell your house quickly call Right Home Sales on 0800 0949 123.

May 12, 2010  Tags: , , , , ,   Posted in: Sell house quickly  Comments Closed

Sell My House? Keep it in good repair

Today was very disappointing.  We are trying to help a couple avoid repossession and have agreed to buy their property at a price that will prevent repossession and allow them to walk away with a healthy cash sum.  This should have been a real ‘Win-Win’ solution but a spanner was thrown in the works that has killed the deal and the property will now be repossessed!  We have just had the results of our survey and I was very surprised.  He has decided that the property is not mortgageable as it is showing signs of movement that would make this property unsalable in the future.  All it actually needs is a check of the drains and some re pointing.  The current owner has known this for the last 5 years and has done nothing about this.  If they had they would be able to sell it now and escape this terrible situation the are in.  If they had acted when this fault was first seen it would have cost a fraction of the figure that it will now. ‘A stitch in time saves nine’ as they say!

May 6, 2010  Tags: ,   Posted in: Sell house quickly  Comments Closed

Sell your house fast to avoid repossession – don’t let pride cost you your home.

I recently spoke to a man who was being repossessed in 7 days time. He asked us to buy his house.   He really had tried every option available to him to stop this happening.  He had begged and pleaded with the lender but to no avail.  The bank had an opportunity to snatch back a house worth £190,000 from a family that only owed £80,000 to the bank.

This was a man who had lived in the house for 10 years and made it in to a beautiful home for his family.  The children had flown the nest and it was just too big for him and his wife so he was already looking to downsize.

Unfortunately he had lost his job and was £7,000 in arrears with the bank so they wanted his house.

The problem is that once the bank has his house he looses control and they can sell it for whatever they want as they are only concerned with getting their money back.

He refused our help and was repossessed.  He was thrown out of his house and now lives in a council flat!

It could have been so different!

We have recently helped another homeowner who was in the same position.  He needed to sell his house to stop repossession.

We paid off his arrears, stopped repossession, and kept control.  The next step was to refurbish the property and sell it on the open market for a nice profit.  Once the sale had gone through we split the profits with the owner and everyone was happy.

The customer walked away with a healthy £70,000 instead of being homeless and broke.  He had watched his home being refurbished so that he could sell it on the open market.  We funded the refurbishment for him and stopped him being repossessed.  This is one of our services.

The first homeowner wouldn’t let us help him because he thought his property was worth more than we were able to offer him at that time.  He was too proud to let us help him.

Don’t make the same mistake.  To sell your home quickly and stop repossession.  We will buy your house if you want to sell your house. Call www.RightHomeSales.co.uk on 0800 0949 123.

May 5, 2010  Tags: , , , , ,   Posted in: Legislation, Sell house quickly  Comments Closed