12 Percent More Sell my Property Quickly at Auction
More competition at auction for those who wish to sell their house quickly
The auction house is an obvious place to try and sell your home if you are highly motivated and for whatever reason have lost the available time to sell your property through a conventional estate agent. EIG who record all auction data have stated a 12 percent year on year increase on homes that are being put up for sale in the auction room. These figures are surprising an to be fair anyone would expect it to be the opposite with less stock entering the auction room, so why have we seen this increase?
Council off Mortgage Lenders report a ten percent increase in repossessions
The council of mortgage lenders (CML) are the governments leading body for assessing the UK house situation. The have reported that 9600 homes were repossessed in the most recent quarter of 2012 which is up almost 10 percent on the fourth quarter results for 2011. The CML have stated that there is a normal seasonal influx in repossessions for the first quarter of every year and even stated that this has been in line with their expectations. So this can explain why there are more propertys entering the auction house for this time of year but why are there more repossesions than last year?
The banks are being to strict with those who can’t sell their home
It is widely believed that the banks are being increasingly relentless in prosecuting those who fall behind with their mortgages. Previously options such as moving any arrears to the end of the mortgage and slightly extending the term were available but this is now certainly out of bounds. Another which would allow a home owner who is struggling to switch from a capital repayment mortgage to a interest only deal is also being shunned by most lenders. The banks have been advised to be more lenient from the UK government but appear to be ignoring this “advice” and are actually keen to recoup any loans that they can get there hands on.
Word of advice if you are struggling to pay your mortgage
If you are on a capital repayment mortgage, make sure you ask the bank in writing if you can switch to interest only in order to temporarily reduce your monthly payment, The bank will likely say no, however if you are taken to court the bank will find it very difficult to repossess your house as the judge may few that they haven’t been helpful and even treated a customer unfairly. there have been stories whereby a judge would throw a case straight out of court because the lender didn’t allow the house seller to switch to interest only when they asked.
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