It has been a tumultuous last three years for many of us, to say the least – with job loss at all-time highs, stock market indices swinging up and down so unpredictably, and house repossession a growing occurrence˳
To raise much-needed cash, many of us may have been thinking, “I need to sell my house fast!”
While that may look a hasty last minute solution at first, you may come to realize that to sell your own home may actually make a lot of sense˳
It wasn’t long ago when money came relatively easy to the average working class˳ Bryan Murray, a 42-year old Solicitor from London, grew up in a middle-class community˳ His parents are both professionals who have been able to put them through college and managed to own a house˳
“They’re not rich, but they seem to have always been able to raise money when needed,” Murray says˳
A few years ago, he and his wife were able to purchase a modest home just outside of London˳ It was an easy commute from home to work, and the neighborhood was perfect for a young family˳ Recently though, an opportunity he couldn’t pass came; it was a job in the city, but that meant that they would have to move˳
“Right now, we’re trying to see if we can buy an apartment but I’m not sure if I can afford it,” Murray said˳
“It’s almost impossible to get a loan these days˳
” The era of easy money ended abruptly in August 2007, when Wall Street came crashing, and banks and financial institutions almost went broke as debtors defaulted˳ It wasn’t long before the effect was felt in other parts of the world, including the United Kingdom˳
But it was exactly the years of lax lending, especially in the U˳S˳ that brought about the economic crisis˳ Billions of dollars of so-called Ninja mortgages were loaned to sub-prime borrowers or those in the low-income or no-assets category˳ It seemed like a good idea when interest rates were at record lows and house prices were soaring; they could remortgage their property if they ran into trouble˳
But the bubble burst, and suddenly, banks were not lending, or when they did, the interest was too high˳ That’s when the otherwise economic jargon “credit crunch” came to be a household term˳ It’s even been added to the latest edition of the Oxford English Dictionary˳
Does that mean the credit crunch is here to stay? By all indications, it probably will for a while˳
In his column for The Guardian, Patrick Collinson writes:
“By some estimates the UK banks have to find an astonishing £800bn over the next few years˳ They owe around £180bn under the emergency Special Liquidity Scheme… a further £200bn in another emergency vehicle, the Credit Guarantee Scheme… and as much as £400bn in other securities… It’s not an environment in which retail credit will be eased or extended˳”
In one way or another, we’ve all been affected by the crisis˳ Some of us may have been having a hard time keeping up with credit card bills as interest rates have skyrocketed˳ Some of us who were counting on remortgaging may have found that in the current economic climate, that is just impossible˳ As a result, many people are deep in debt˳
Unfortunately, when you need cash to pay off your debts, something you’ve valued for a long time may have to go, even if it’s your home˳ But to keep your debts from adding up further, you may have to sell your house fast˳ That’s not something your estate agent can help you with˳
According to Hometrack, the average time it takes to sell a property is eight and a half weeks, the longest since the survey began in 2001˳ But that’s through estate agents˳ Buyers who have cash for houses can complete the sale of your house within a few days or the time frame that you require˳
They or their network of cash home buyers have the funds ready to be able to buy your house direct from you˳ They usually offer 75 to 90 percent of the open market value˳ That may seem low, but with the money that you save from not having to pay estate agent and legal fees, and the time that you don’t spend on viewings and second-guessing the volatile property market, you’re actually probably going to sell at the same value if you do it through an estate agent˳
There is no doubt that an estate agent can sometimes get you a higher price, but that’s no guarantee especially in today’s market˳ And when your need for cash is urgent, then there is no faster and less stressful way to turn your property investment into cash than to sell to cash home buyers˳
The credit crunch may have disabled one arm, but it hasn’t paralyzed us˳ We can beat it with a quick home sale˳
Source by https://ezinearticles˳com/?A-Quick-Home-Sale-Can-Help-You-Beat-the-Credit-Crunch!&id=4930136
