Beware of the Quick House Sale companies

Beware of the 'Quick Sale' Companies If you are in the business of trying to sell your house, you may have already heard about the many companies in the UK that are offering a quick sale of your house. Often these companies will even offer as little as 75% of the current value. They will promise you they can help you stop repossession or foreclosure on your home, cover your legal fees up to a certain amount and even get you an offer as soon as they have reviewed it. Most “quick sale� companies state that “your reason for selling is your business� and they will help you sell fast and get as much as possible for it in as short a time as possible. This could sound like a great deal to someone who is desperate to sell their house, especially if they are facing foreclosure. However, you must beware of the quick sale companies for this very reason. They often take advantage of the most vulnerable and desperate people who are afraid of losing their homes and don't know who else to turn to. They may make big promises when really you lose big on your house and still have to find a place to live. Some of these promises they are not even able to fulfill so be sure you look into the company thoroughly. Some things you may see promised by a quick sale company are:

• Guaranteed firm offers
• Sell in 7 days
• No obligations
• Inaccurate percentage quotes
• Up-front fees/ promise of no up-front fees
• Equity release alternative
• Sell and rent-back

Before signing any contracts you need to learn as much as possible about the company, their offer to you and your other options. How to Keep Your House If you are at risk of losing your home, there are other options for you to consider before jumping on a “quick sale� that may hurt more than help. Here are some things to consider for keeping your house:

• Communicate with your lender- this is the first and most important step. Your problems begin at the first time you miss a payment but often they will work with you if you communicate with them. There are situations where you can seek extensions or other arrangements may be available but you cannot seek these options if you don't communicate.
• Set up short term repayment plan to make up the deficit.
• Add the unpaid balance to the principal of the loan and slightly increase your payments to make up the difference.
• Temporarily reduce or waive your payments.
• Offer a deal in lieu of foreclosure.
• Consider a legitimate credit counseling service.
• Consider your refinance options.
• Consider government aid options (more about this later)

Before you think your only option is a “quick sale� company, make sure you take time to research other possibilities. The Government Can Help, Too Recently the government announced to the banks that they will be helping people who are in danger of losing their property for non payment. It's possible you could qualify for one of these programs or for some type of government assistance to help you keep your home. Before you run out for a quick sale option, get all of the facts. Beware of the “quick sale� companies, regardless of what you may have heard or what they may promise they can do for you. If you're in danger of losing your property due to non payment or just seeking to sell your home quickly, consider all the options you have first.

Posted in Property Investment Blog Articles from 2009

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