Sell Property Fast: The Birth Of An Industry

By MyVine | June 14, 2011

The last two years has seen a huge surge in individuals needing to sell property fast . While there are manythere are numerous reasons for this, the primary reason in the last couple of years has been incapacity to keep up with home loan repayments, bringing a need to sell houses fast, in order to avoid repossession.

Since the global financial meltdown hit the UK, it has faced the most significant problems of repossession worldwide. With greater redundancy and a lowering of value in real estate the trouble has escalated rapidly .

These day there are plenty of troubled house owners out there needing to sell property fast, a new market has arisen in the industry of companies involved in the facilitation of such sales: companies and websites letting you know the best way to sell your house fast, and companies offering to buy properties fast.

There have even been dedicated portals set up aimed at allowing users to sell houses fast, by matching determined (read desperate) sellers — sellers prepared to accept the first serious offer they receive –, with serious and ready buyers — people making decent offers and with the cash or finance in place to buy.

Another slant on the industry has been an upturn in the number of investment property sourcing outfits, which source below market properties, i.e. short and distressed sales for individual or group clients.

While the UK repossession problem was unquestionably huge given the size of our population, it did stop accelerating much earlier than several analysts — including the Royal Institute of Chartered Surveyors — thought. At the end of 2009, in response to a Ministry of Justice report into mortgage claim figures, Simon Robinson, a chief economist with RICS told reporters that the measures taken by the government were being largely successful is helping stop repossession, and that this had reduced their own expectations on repossession statistics in ’09, he said:

“In part this more favourable trend reduction in mortgage claims is a reflection of the protocol put in place last autumn to ensure parties act fairly in matters relating to arrears but it is also a result of the low cost of borrowing which is easing the pressure on household finances and is in marked contrast to the experience of the early 1990′s. As a result of today’s figures, it now looks likely that the number of properties taken into possession over the whole of 2009 will be in the region of 40,000 which is significantly lower than the expectations earlier this year.”

The reason for this is the unusual situation we currently have with interest rates. At near-zero many distressed homeowners are currently experiencing a stay of execution. Additionally it has been acknowledged that most of the major banks have become slightly less aggressive in pursuing repossession procedures as it’s bad PR and bad for business. However, these merely bought struggling homeowners a little time, which many of them sensibly used to sell their house as fast as they could.

With the government now changed, and a massive reduction in the stimulus near inevitable, repossessions could begin to quicken once more. My personal opinion is that the only people that are going to prosper in the coming months are those investors looking to buy property quickly from distressed homeowners willing to sell below market value.

Topics: Buying Tips, Financing, Foreclosures, General, Investing, Selling Tips | Comments Off

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