I need to sell my house quick...

VanishingPoint

...or look in to raising some cash - please! Opps forgot my manners there for a second...but i'm in Dire Straights as they say...

I am too young at a nearly 42 year old male to release some equity, well not any scheme I have heard of as don't intend to be in here any more than 3 years more if I can help it anyway whilst I get my life back on track.

It's just me, I have only one dependant that does not live with me.

Currently i'm in and out of work with only temporary assignments. So just scrapping mortgage payments.

I'm trying to self-educate myself out of my situation - but can't focus because I'm very stressed in just being able to meet the mortage repayment...so far...

I have no pensions below £18K that I can cash in.

I cannot re-mortgage, because I have CCJ's which I have defaulted on and have had bailiffs hounding me for money; and I think they know I own this house and have passed my info onto some unscrouplulous, unregulated by FSA "sell-your-house quick" schemers.

It's awful to be psychologically harrassed by that and embarassed on your doorstep...some may think quite rightly but I was shocked at what some put in writing and willing to go to court - and I bet they wont...but thats another story as I stand up for myslef there if I have too...

The plus side is, the house is worth twice the value of the mortgage. If I went down the route of selling it quick to a regulated proper body I would not want to live here as I would use that money to negotiate with creditors, and to use it to start a venture of my own.

Does anyone know of any avenue other than the ones I've mentioned to take some income out of my property whilst I find/go self employed to generate enough income to cover all my outgoings whilst I'm here?

Or any experience of an FSA regulated "sell-it-quick" company that has been reputable and fair?

Thanks!

DannyboyMidlands

Why don't you just sell it in the normal manner?

CloudCuckooLand

Might as well stick it on with an EA, ask them to price for quick sale, it will get you more than if you go for "quick sell" companies.

It might be worth twice the value of the mortgage, but "quick sellers" may well only give you 60%-70%, which isn't much leeway for your venture...there is some uncertainty too, over how quick "quick" is...they may well still get a valuer in, too and fro on paperwork for a bit...etc

Or try at auction, with a reserve that suits your need.

InkZ

If you want to sell quick put it on the market cheap.

Personally I would rent a room out, or rent the whole place and live with someone maybe?

hollydays

When I was looking to sell a house fairly quickly,we spoke to an estate agent to get it valued,try one that also rents properties,they will tell you the rental rate per month.We rang a few "we buy it quick" companies. They mostly valued it over the phone,one even said they also used street view (The house cant be seen on street view),and offered us 30% less than it had been valued at,we also thought about auction,but thats risky.Avoid letting anyone know you are desperate to sell,they will use it against you.We decided to rent it,partly because its a niche property and wouldnt sell quickly.But most houses will sell quick at the right starting price,preferably with no chain.

tyllwyd

Have you posted in the 'debt free wannabe' forum? If you could get the situation with your creditors under control, perhaps by setting up a debt management plan, that would give you breathing space to decide what to do with the house.

If you have a bad credit record, I'd be wary of rushing to sell because you might find it difficult to rent afterwards. And if you sell in a rush at a low price, you've thrown away the one asset that you do have.

dancingfairy

I agree with the above poster. Are you prioritising your payments? ie are you paying the mortgage, council tax, and utilities etc and leaving all credit cards, unsecured loans etc( perhaps paying them 1 pound per month?).
Have you sought proper independent advice from one of the debt charities such as National Debtline or CCCS?
Are you claiming everything you are entitled to benefits wise?

How far in arrears are you with the mortgage? have you had a court date for reposession through yet? I would proceed carefully as should you be unable to sell you may qualify for council housing etc and walking away would possible leave you being classed as making yourself unintentionally homeless. I know it hasn't come to this and it is an unpleasant thought but you should bear it in mind.
There are various schemes around to help such as assisted sales with the mortgage company, the mortgage rescue scheme as well as other solutions offered by lenders - perhaps they will let you go interest only for a short time, make part payments etc - you will need to get in contact with your lender and see what they can suggest but I would get in touch with the debt charities first.
Also don't forget that Shelter can help out with housing issues - from repossession hearings to getting council housing etc etc.
Best of Luck
df

VanishingPoint

DannyboyMidlands/CloudCuckooLand/InkZ;

Yes it seems that selling is the best option, at a price to sell. I already had an informal chat with one about that the other day, so thanks for that info, As long as I work at least 2 weeks a month I can cover the primary outgoings, I can hold out...but with not much of a quality of life.

hollydays;

thanks for that info too, sounds like you made the best decescion, the "buy it quick company" hand dropped off a letter presumably I had here for the "urgent attention of the homeowner"...hmmm..a central london address...with an outer-london phone number...now they are to be trusted arnt they?

Rental isnt really an option as kitchen and bathroom are sub-standard...and of course if its at the right starting price I'll have no chain - so theres a thought; thank you.

dancingfairy

thanks as well; but secondary debt is my least priority; its gone to debts being sold on and bailiff level now.

A bit interesting; i didnt know there was a mortgage rescue scheme so will look into that; and the other charities can offer help in court rather than being there shuddering by yourself. so thanks for the advice

PasturesNew

I dont think i could rent anyrooms under circumstances it wouldnt be fair...

...Thanks for all your help, it's well appreciated! I've been silly not claiming benefits when I could as well! So that is daft not to keep not only money coming in but NI up! Had a pretty turbulent last copule of years or so, but still here - still fighting!

When I've got a little less grief on my plate, I should come back and offer some advice and help from my experiences.

X

G_M

marco88 wrote: »

Hello,

Following to the point about Shelter by the previous poster, we have listed a few of these organization for reference on our resources page see: xxxxxxx

Please note that we have no affiliations or relationships with the organizations listed.

Kind regards

Marc

Please reprt spam.

G_M

OP - You have equity in the property (mortgage = half the value), and serious debts.

Use the property to pay off the debts. Sell.

NOT to a rip-off 'sell your property quickly' merchant. They will
a) offer you initially 25% of the value
b) require a fee from you for admin/valuation etc (non-refundable if you back out later)
c) value your property another 10-15% below a) above
d) leave you with the option of accepting their 'new' valuation or losing your fee (b) above

Just go to 3 Estate agents and get 3 valuations. Put it on the market at the lowest price, or lowest - 5%.

Almost any property will sell resonably fast if it's priced right. There are lots of buyers out there who will jump at a 'bargain'.

neverdespairgirl

Dear tree35 - bugg4r off and spam no more.