Property Rescue Blog

Are you reading this article and wishing you were somewhere else?  If so, you might be one of the thousands of people who have a ‘For Sale’ board outside their homes.  You are desperate to move house but because the property market has slowed almost to a standstill you are stuck.  No matter how much you improve your home or drop the price, nothing happens.

When these market conditions persist it pays to explore the options.  Many people assume that the only way to sell your home is through an Estate Agent.  But there are choices and there is action you can take.  Let’s examine the options:

The Estate Agent

The traditional route to selling property, Estate Agents can still be successful.  If your home is desirable, keenly priced and in an attractive location, then you might be one of the lucky ones.  To give yourself the best chance of a sale make sure you appoint an agent who is active in the area where you live.  That might seem an obvious statement but too many people pick an agent from a nearby town or village simply because they have a reputation for valuing houses at high prices.  In this type of market you must be realistic about price if you want to sell and your agent must work hard for you and know the area.  Get competitive quotes on fees, not necessarily so that you can select the lowest, but so that you can compare and negotiate to get a good deal.  Look at other properties on that Agent’s books to see if they are comparable to yours.  It’s pointless trying to market a one bedroom city flat through an Agent that deals mainly in country houses.

The Internet

Not so long ago the internet was heralded as a new and inexpensive way of selling houses, but this has – in the main – failed to materialise.  It is, however, possible to market your house using the internet and the most commonly used route is via a site specifically designed for internet sellers.  The cost will be much less than an estate agent, but offers no guarantee of success.  Check out the search engine rankings of the site you plan to use and see how many properties they are offering.  See if other homes are for sale in your area and try to get success figures before you agree to pay any fees.

Through a Private Sale

Many people have never heard of a ‘private sale’ and don’t know what is involved.  Property Rescue is a company with strong financial backing and the ability to make a guaranteed offer for your home.  If you accept that offer a private sale will follow.  This means that your home will be sold within a set time period – often a very short space of time if that’s what you want – and there is no chance that the sale will fall through once the offer has been accepted.  There is no need to use Estate Agents or prepare a Home Information Pack, offering substantial financial savings.  Property Rescue guarantees to make an offer on all types of homes in any location, thereby offering a failsafe route to a certain sale.

If selling your home is getting you down, contact Property Rescue.  They will arrange to carry out a valuation on your property at no charge to you.  They will also explain in detail exactly what is involved so that you are clear about what will happen before you make any commitment.  There is no obligation and you are free to walk away if you wish.  Selling houses today is difficult but with Property Rescue it can be a whole lot easier.

We reported a couple of weeks ago on ‘A Buyer’s Market’, focusing on a fall in the number of properties sold and the downward trend in the price of housing stock.  Since then news for sellers has worsened, with this week several mortgage lenders withdrawing offers and all becoming more particular about where they allocate limited funds.

Only a few months back lenders were falling over themselves to offer special rates to get mortgage customers through their doors.  But now those very same doors have been slammed in the faces of would-be borrowers.  First Direct, owned by Britain’s largest bank, HSBC, has responded to what it terms ‘overwhelming demand’ by calling a halt to mortgage lending for new customers and cutting the number of mortgage products it has on offer.  It seems that the bank has been over-run with applicants after other lenders have increased their prices.

The 100% mortgage could be a thing of the past if speculation that lenders will require a minimum 10% deposit is correct.  With the average house price in the south east over £260,000 that works out to a considerable sum, but bear a thought for the buyer who wants an average home in Windsor or Maidenhead; they would need to fork out a deposit of around £43,000 and take on a substantial mortgage to finance the other 90%.  Although we are not yet at that stage, in the current economic climate a mandatory 10% deposit isn’t hard to envisage.

It’s inevitable that many first time buyers will be put off entering the market amidst such uncertainty.  Without them, those further up the housing ladder will find it more difficult to sell, so it looks as if the credit crunch and the subsequent mortgage shortage will further slow an already sluggish market.

People who need to sell quickly could find themselves backed into a corner.  Until recently, putting property on the open market was considered the one and only way of selling your home – perhaps with the exception of going to auction.  The service offered by Property Rescue provides a way out of the ‘can’t sell’ trap through a guarantee, which it gives on any residential property.  This guaranteed offer extends to farmhouses, flats, buildings in a poor state of repair or those in a less than desirable location.

The team at Property Rescue is experienced in property transactions and mortgage matters.  This means they can advise people who are having difficulty selling their homes.  Property Rescue will give a valuation for the property in question and, if the seller accepts that valuation, the deal will be tied up quickly, without fuss and with the minimum of complexities. 

In the current market selling can be at best difficult and at worst impossible.  Get in touch with Property Rescue and find out about their guaranteed offer for your home.  You don’t have to sit and wait for a buyer to walk through the door – help is literally a phone call away.

House sales are in a slump and prices are falling.  So say the latest reports on house price trends throughout the country.

The key reason appears to be the disparity between the number of buyers and the number of sellers.  The credit crunch has made lenders reluctant to say ‘yes’ to those with poor credit histories or those that want 100% or near 100% mortgages.  This is understandable because in a falling market 100% mortgage today could mean negative equity tomorrow.  But that leaves sellers in a poor position.  With more houses on the market than there are potential buyers to snap them up, the only way to ensure a quick sale seems to be to slash the asking price.

Even the traditional stronghold of London has seen a reduction in prices with a 0.3% drop in the six months up to February this year.  Other areas have been harder hit; Wales, for example, has seen a 3.5% fall.  Some say that the reduction in property value is long overdue and is nothing more than a reaction to the over-inflated prices that we’ve seen over the past few years.  Whether or not you believe this argument is somewhat academic; if you have a house that won’t sell you’re likely to be more keen on resolving the problem than on understanding the reasons behind it.

To reduce the asking price might seem the obvious answer, but in itself this raises further questions: how much should you reduce it by; will the reduction ensure a sale; will the sale go through; will the buyer simply push the price down further at a later stage when it’s difficult for you to back out?  If you don’t need to sell your home quickly then you might decide the best thing is to sit it out and wait for a buyer to come along, or drop out of the current market altogether and try marketing your home at a later date when, we all hope, property prices are more stable and the buying public more confident.

Not everyone, however, has that luxury.  In some cases the property sale is imperative if financial or family difficulties are to be avoided.  In situations like this, consider asking Property Rescue to value your home.  The best thing about their offer is that it is guaranteed.  From the time you accept it, you can have confidence that the sale will go through.  You won’t be let down at the last minute, nor will the price alter from the original valuation.  This is a guaranteed way to sell your home fast and although you probably won’t achieve the same value as you might on the open market, you will have a confirmed sale at a date that suits you and avoid paying costly extras such as estate agents’ fees.

You can find out more by calling Property Rescue in complete confidence.  One of their advisers will be pleased to explain the process to you.  The valuation is completely free and at no stage will you be put under any pressure to proceed.

In the current property market sales are slow.  Beleaguered buyers are less than keen on the introduction of new policies that might slow down the sale or make it even more expensive than it is already…and understandably so.  The advent of Home Information Packs places an obligation on the seller to provide certain information ready for anyone who might want to buy their property, but how onerous is that obligation and is it likely to quicken or elongate property purchases?

Home Information Packs, or HIPs as they have become known, were introduced gradually from 1 August last year.  As from 14 December 2007 every home in England and Wales needs a HIP, unless that home meets certain exceptions.  In brief, these are:

• Accommodation that is used for holiday lets at least 11 months a year.  But the accommodation must be restricted to holiday use by planning regulations – the owners’ intentions on property use are not enough.
• Accommodation or land that is sold as a ‘mixed sale’, i.e. part of another sale.  This is a complicated ruling but might, for example, apply to farms where barns, sheds or outbuildings are considered part of the lot for sale.
• Park homes.
• New builds.
• Properties about to be demolished (where planning permission to demolish has been granted) and properties considered as unsafe to enter.
• Properties for sale without vacant possession, i.e. with a tenant in situ.

This is only a basic list and you are advised to consult an estate agent or solicitor to find out the details for your own situation.  Most homes for sale do need a HIP if they are to be sold on the open market; the cost of preparation can range from a few hundred pounds upwards.

Commentators have yet to agree on whether HIPs are worthwhile.  Some are holding to the opinion that the information provided in a HIP is unlikely to be of much use should the sale take several months to conclude.  However, potential buyers are able to see the HIP at an early stage in negotiations and at least they have the opportunity to take note of any factors that might stop them going ahead.  There is some evidence that the necessity to prepare a HIP is holding back home owners from putting their property on the market.  In overall terms the HIP is a relatively small part of the ‘moving house’ budget, so one could draw the conclusion that deterring the less than serious vendor is no bad thing.

Forecasters say the market is unlikely to pick up over the next few months.  For some, the delay is frustrating but little more than inconvenient.  But for others, delays can mean splitting up their family or risking financial meltdown.  If you find yourself in this situation call Property Rescue.  They guarantee to make an offer for your home whatever its condition or location.  Best of all, selling privately to Property Rescue means you don’t need to prepare a HIP…hooray!

For more information on selling your home fast call Property Rescue in complete confidence.  There is no obligation to proceed and no pressure will be put on you if you feel their offer isn’t what you want.

It used to be the case that most people ‘stayed put’ when they retired.  They’d give up work, grow veggies on the allotment or concentrate on the garden, and live out the majority of their retirement years in the family home.  But attitudes are changing as we come to expect more from our retirement and our general health improves allowing us to travel more and do more.

It’s not unheard of for people in their 70s or beyond to embark on a major new project such as building their own house or going off to travel the world – and why not!  The growth in the market for travel, leisure and property within the ‘silver sector’ is surely something to be celebrated.  Our society is undergoing a sea change in attitude; no longer do we see retirement as a long period of rest, instead we look at it as a time when dreams can be fulfilled and – after the demands of a career and family – both couples and singles can indulge in well earned ‘me’ time.

Such big plans are not for the faint hearted as they often require a complete upheaval in terms of financial and/or living arrangements.  If money is needed to finance these plans – as is usually the case – decisions need to be taken about how that finance can be made available.  With final salary pensions only for the fortunate few, most people find themselves in a position where they need to make a choice about how they fund their retirement dreams.  For some, this will mean selling their existing property so that they can free up capital by downsizing or moving into rented accommodation.

In a slow property market achieving that sale can be elusive, putting the retirement plans on hold.  Some people find themselves caught in a chain where nothing seems to move, while others are let down at the last moment by a buyer pulling out further down the chain causing the sale to collapse.

Property Rescue’s guaranteed quick house sale spells an end to broken chains, disappointed sellers and failure to sell.  Property Rescue guarantees to make an offer for your property – that’s any type of property in any location and any state of decoration or repair.  The process is quick, simple and straightforward and will save money on the costs that would be incurred if the house was to be sold on the open market; for example, sellers don’t need to prepare a Home Information Pack and they won’t pay an estate agent for finding a buyer.

For more information on how to sell up quickly and realise your long-held dreams, give Property Rescue a call in complete confidence.  There is no obligation to proceed and no pressure will be put on you if you feel their offer isn’t what you want.

With all the media speculation about a property price crash, the fallout from the US sub-prime mortgage collapse, the hike in repossession rates and the cost of living spiralling, it’s easy to draw the conclusion that people are going off the idea of putting their money into property.

But it seems not!  Us Brits still regard our home as our castle and remain convinced that bricks and mortar are probably the best investment we will ever make.  It was President Theodore Roosevelt that said “real estate is the basis for all wealth”, and according to the statistics, we believe him!  Recent surveys show that although the market is generally more jittery, we remain committed to putting money into buying and improving our homes.

However, the jitters are real and whilst not dampening our enthusiasm for property they have, it seems, made us rather more cautious when it comes to buying and selling.  Houses are remaining on the market for weeks or months, buyers are few and far between and prices are being slashed because sellers are desperate to achieve that elusive sale.

People who need to sell their home fast are faced with a real problem – how to market their house effectively and achieve a sale that won’t fall through at the last minute?  Property Rescue has helped thousands of people who need to shift their property in super fast time.  Because they have access to excellent financial backing they guarantee to make an offer for any home in the country, no matter where it is or what type of property it might be.  If the owner accepts the offer, the sale can go through very quickly indeed.

The owner saves on fees through not having to employ an estate agent and the sale is guaranteed to conclude because the buyer isn’t entering into a chain.  For those who need to relocate to another part of the country, or who are intending to move abroad, or simply need to sell fast for personal or debt reasons, the service offers a real lifeline.

Property Rescue will be pleased to answer all questions in complete confidence.  There’s no charge for a valuation on your home and no obligation to proceed if you decide the service isn’t right for you.  Give Property Rescue a call and sell your home fast!

The UK property market is currently going through its biggest period of uncertainty for almost 16 years. As a result, there is a lot of jargon flying about the press concerning the implications of the property slowdown, the various reasons why it may be happening and how the market and the Bank of England are trying to combat the lull.

One of the major issues currently being discussed at the moment is the rise of sell and rent back companies in the sector. As a relatively new concept, it is open to much suspicion, especially as it tends to blur the lines of the different market areas.

The basic idea is that a person sells their home to a specialist cash buying company and then rents back the property at local market rent. Although debt management is the most talked about motivations for this, there are a number of different reasons that people decide upon this course of action, including divorce, equity release, expedient sales or emigration.

There are advantages to sell and rent back for all of these motivations. Cocerning debt management, the ability for a sale to be completed within 48 hours is advantageous when trying to stop repossession. Property Rescue is also able to eliminate up to 80% of all unsecured debt without using any proceed from the sale, due to a dedicated Debt Management Department, a service offered as part of the package.

With regards to equity release, the main benefit over traditional equity schemes is the ability to unlock 100% of the property’s equity. In addition, most equity release companies only deal with people approaching retirement age, due to their position on the property ladder and equity amount in their home.

The main disadvantage of course, is that the offer on your house will be below market value, usually around 80% off the market price. Obviously this can be difficult for many people to reconcile, but the reason sell and rent back has continued to grow is that although it seems a heft price to pay, the advantages further down the line for peoples finances outweigh the initial discount. Preserving credit ratings or offering a divorcee the opportunity to stay in their home instead of facing a move, tend to take precedent in this situation.

The unregulated nature of the market does it leave it open to unscrupulous traders. It is vital that all efforts should be taken to avoid these companies. A little bit of research usually exposes crooked brokers.

It is vital that when facing a decision that effects your financial future, all avenues are explored. If deciding that sell and rent back is an option that you would like to investigate, ensure the company you are dealing with a reputable and experienced in your situation.

Generally, the completion of a housing sale from start to finish in the UK takes 7 months. Even though the market has seen exponential growth in almost all sectors, the process of selling your home is still a protracted one.

The major drawback of this is that in most cases, the majority of a persons capital is tied up in their home. If a situation arises whereby a homeowner requires instant capital, for example to finance a new business venture, the drawn out nature of selling a property proves a significant hindrance.

Capital release is not the only incentive for an expedient sale. Property chains often hinge upon the completion of a series of sales. Recent figures speculate that 1 in 3 transactions in the UK is part of a chain. The major financial headaches with chains occur when a link is broken. All the non-refundable expenses, legal fees, surveyor fees and estate agent fees are then lost throughout the chain. The primary reason for a chain breaking down is when funds are not available to complete the transaction. The cascading effect of a chain failing can be massive and cost all parties involved a hefty price.

Equally you may find yourself in situation where you are in danger of being gazumped out of a dream home. The property sector has become increasingly competitive in the last twenty years and a recent survey found that 1 in 10 home buyers had been ‘gazumped’ in 2007. Calls for this practice to be made illegal have fallen on deaf ears. The best way to prevent this happening is to sell your own home before making an offer on a new property. Sellers are most likely to consider another offer if there is a delay at the purchasers end.

You may find yourself in a position where you need to sell your home quickly either due to a collapse in a chain, debt management or to take advantage of a business opportunity. Property Rescue is able to complete transactions within 48 hours if the need arises. Although the offered price will be below market value, it may pay dividends further down the line.

Britain’s spiralling debt crisis has led to a sharp increase in the amount of people taking out debt consolidation loans as a way of dealing with financial strife.

The lure of a single monthly payment and a lower interest rate has been too strong for many. On the surface, the benefits are obvious. Although the covering loan tends to be significantly higher than the amount needed for repayment, it usually has a fixed, lower interest rate. The pressures of keeping track of multiple creditors is also relieved by providing the debtor with a single debt source.

But if you dig a little deeper, the full extent of the dangers of debt consolidation become apparent. Many people are tempted into consolidating unsecured debt into secured debt, usually against their home. The loan is usually significantly higher than the debt, which means that failure to pay off the full amount puts the debtors home at risk. Far from dealing with the source of the debtors financial problems, debt consolidation loans only deal with the symptoms. In addition to a large repayment amount, many people are coerced into PPI (Payment Protection Interest), scaremongered into believing that this will aid them in the long term. In 2004 Lloyds TSB had their knuckle rapped by the Banking Code for allowing a man to accumulate £6,000 (a fifth of his final loan) in PPI
 
Before deciding upon a debt consolidation loan, make sure that you do your research into all of your available options. Banks will usually offer a payment plan to those in financial difficulties. This will freeze the debt but severely hamper the debtors credit rating. The debtor will also be prohibited from taking out any further credit form any source.

Sell and rent back is also an option. Although there is likely to be a noteworthy discount on the property’s true market value, there is the luxury of being able to stay in your own home whilst sorting out your finances. There will usually be a buy back option available in the agreement, which allows the client to purchase their house at the rate of the new mortgage. The real advantage of sell and rent back is that it negates the usual peripheral problems of raising capital via a house sale. As their is the option to stay on as a tenant, there will be no need to look for a new home, change schools for any children or even search for a new job.

The biggest advantage that sell and rent back affords, is the ability to stay in your home whilst consolidating debt. The peripheral benefits of this are numerous, as it prevents the need for a stressful move, changing schools for children or even a change of job. The long term benefits of preserving your credit history have previously been mentioned and the short term loss may be prudent when considering the loan term gains.

Sell and rent back companies usually offer a buy back option. The buy back is based on the new mortgage arranged by the company. This allows the client the option of once again becoming owner of their own home.

Unfortunately, the credit situation as it is has forced many people into a financial corner. Creditors have become more and more vociferous in their pursuit of monies owed, governed by the fear of the credit crunch. Repossession orders have increased greatly in the last couple of years, rising to over 120 per day in 2008. In reality, this is not desirable for the lenders as it prevents them from recouping their interest.

Until the market is willing to admit to a fall in house prices an adjust accordingly, the financial difficulties people are facing will not be going away anytime soon. Sell and rent back is not designed as business model designed to rob people of their homes. It evolved out of the pressures created by an irresponsible lending climate, looking to cash in on the massive growth in the property market.

Sell and rent back is not only for people who find themselves in financial difficulty. It is often used as a way of releasing equity from your home, insuring an expedient purchase after a divorce or consolidating debt. It can be open to abuse due to its current lack of regulation, but the reality is that it is in the best interest of the sell and rent back company to uphold it’s agreements. The sector is growing rapidly and will soon come under the jurisdiction of the OFT. Until then, if sell and rent back is an attractive option, ensure that the company you are dealing with is reputable, do your research and be sure you fully understand the intricacies of the business.