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Advice needed for selling house quick

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Hi everyone,
I'm new to this and it feels strange airing my problems (bit like a self-help group I s'pose) but basicaly my situation is that my partner and I have numerous debts that we can't cover anymore (he lost his job recently) and now we are being threatened with repossession of our house because we can't make the payments. So we have been advised by friends to sell our house quickly before the morgage company do it for us. Does anybody have any advice on picking a good 'quick house sale' company? What do you think I should be looking for to make sure they are pucka?
Any help really appreciated. Thnx.:p

Comments

  • delmar39
    delmar39 Posts: 1,447 Forumite
    Sorry to hear about your situation. This forum is excellent for things like this - I've benefited a lot from various people giving me feedback and advice.

    If I were you I'd follow the normal process for selling a house.

    Get a quote from a few Solicitors for the cost of selling - should be around £575. Then, shop around for cost of your Home Improvement Pack (HIP). You shouldn't pay more than £205 - £250 and go through a seperate provider not your Estate Agent - they'll charge you £400 ish.

    Get three Estate Agents to give you a valuation and try not to pay more than 1.3% of the sale price to them, ideally you should try for 1% with no tie in (you may want to move to another Estate Agent if you cannot sell with current one so don't get locked in).

    Take the average of the 3 valuations and then take a view as to whether you can reduce this asking price in order to get a quick sale. Your Estate Agent will advise, but don't let them know you're desperate. Also, go for a smaller Estate Agent that can focus more attention on selling your house. Big ones have a massive rolling stock of properties and cannot give your property their full attention.

    This is my experience of selling a house. I hope it helps. Good luck with it.
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    Firstly have you been to the Debtfree wannabe section? Good advice over there for dealing with debts.

    As for selling to a buy your house company, they only offer about 70% of value. You are better to put the house on the market at 90% of value and accept 85%. If a buy your house quick company does not cover your mortgage, your lender will not allow the sale
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • delmar39 wrote: »
    Get a quote from a few Solicitors for the cost of selling - should be around £575. Then, shop around for cost of your Home Improvement Pack (HIP). You shouldn't pay more than £205 - £250 and go through a seperate provider not your Estate Agent - they'll charge you £400 ish

    Sorry, and I know this is petty but it's called a Home Information Pack. If you are looking for cheap packs then Fridays Property Lawyers and Hip4u are both cheap and quick.

    With regards to selling quickly I would suggest that you get several valuations and then ask each agent what price you should market it at to sell it quickly.....don't be fooled by any agent that over values. They need to be aware of the potential repossession and if you sell it and just cover your mortgage and fees this is what you should be aiming for.

    I really wouldn't approach any of the numerous "sell it quick" type companies.
    My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say ;)
    Ignore......check!
  • delmar39
    delmar39 Posts: 1,447 Forumite
    Sorry, and I know this is petty but it's called a Home Information Pack. If you are looking for cheap packs then Fridays Property Lawyers and Hip4u are both cheap and quick.

    With regards to selling quickly I would suggest that you get several valuations and then ask each agent what price you should market it at to sell it quickly.....don't be fooled by any agent that over values. They need to be aware of the potential repossession and if you sell it and just cover your mortgage and fees this is what you should be aiming for.

    I really wouldn't approach any of the numerous "sell it quick" type companies.

    Sorry yes, Home 'Information' Pack! I'm writing a paper on performance improvement and flicking between this forum at the same time so hence my mistake. Hope this didn't cause any confusion.
  • lincroft1710
    lincroft1710 Posts: 18,914 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Is your home likely to sell quickly? Is it in a street/area where properties are selling quickly, does it have "kerb appeal" and be in a price bracket where there are plenty of buyers? What is your current loan-to-value, is it small enough to repay mortgage?

    I ask these questions because there is almost daily a new thread saying "My house has been on the market for x months and I haven't had a single/acceptable offer..."

    You could also consider putting your home up for auction, you would need to set a reserve a bit in excess of money owed to your lender.
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
  • Price, price, price.

    If you price it below the lowest matching property in the locality, it should go quickly.

    Maybe, as suggested, this will be 10% or 15 under the best price if selling "normally", but its better than 30% off using a Quick Sell company.
  • 20% off the selling price is the most you will get from the fast house sale companies.
    i buy houses ........... any condition.
  • Milliewilly
    Milliewilly Posts: 1,081 Forumite
    I would Auction the property then you know you will get the money in 28 days. Selling via an Estate Agent is fine but you're at the mercy of possible changing completion dates which you don't get at auction.

    You will most likely get more than any of those 'we buy your house for cash' places.
  • is selling your home really the only option you have? were will you go? how will you pay rent if you cant keep up your mortgage payments? i agree that you should go to the debt free section and try to dig yourself out rather than give up your one and only assett. contact the mortage company and explain, most will want to help to save themselves the hastle of repoession and re sale.

    i really do hope you can sort things for yourself, this is an awful situation you are in and i do feel for you

    but if you do have to sell dont go with a company who will buy it off you as they wont give you a good price and normally get to exxchang and tell you they have changed their minds and will only by for X amount less then what they said in the first place.

    good luck
    :p
    Thank you to all posters
  • SouthCoast
    SouthCoast Posts: 1,985 Forumite
    Facing the prospect of repossession can be frightening, but it’s important to remember that you are not alone. There is a lot of help available from government, from lenders and from advice agencies. The information here will give you the tools you need to prevent your home being repossessed. You'll also find stories from some of the 300,000 homeowners who have already received help and advice.

    http://mortgagehelp.direct.gov.uk/default.aspx
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