Buy To Let Landlords And Problem Property
Being a landlord can be a difficult and stressful job as it is and when coupled with demanding tenants and low yields, it can quickly take its toll. What may have seemed like a solid investment at the time, can soon revert into a negative cash flow situation, if interest rates begin to rise or the property fails to let. If, on top of this you are unfortunate enough to lose your job at the same time, then your best option may be to make a quick house sale, cut your losses and keep your credit rating intact.
This kind of damage limitation is a necessary part of life in the property market and can be the difference between sinking or swimming for many landlords. A quick house sale, via a registered property buyer, can be the solution to what could turn into a long term problem and an offer can usually be made, within 24 hours of the initial phone call.
Once the property has been surveyed, a figure will be given, normally between 75 % to 80 % of the market value and you could have the cash in your hands, within seven to ten days. Trying to sell your property via an estate can take a long time. If the property is costing you more money the longer it is on the market, then by the time it does sell, with estate agent commission taken into account and surveyor’s fees, you could end up with around the same return from making a quick house sale.
This, coupled with the legal hassles, delays, stress and red tape normally associated with selling a house, makes a quick house sale for cash, via a property buyer, arguably the most viable option in the given situation.