How To Sell Your House To Stop Repossession (Best Option?)

I’m not going to beat around the bush: using a “Cash House Buyer” Company is probably your best option

Yes, you can put your property on the traditional open market in an attempt to sell before repossession, but that could be a slow and tedious process. Ultimately, it could take several months (if you’re lucky, that is). Not ideal! In most cases, when time is of the essence, selling on the open market is not a practical solution. However, of course, selling on the open market to get the best possible price would be the best option if it’s feasible.

A professional Cash House Buyer Company, also commonly referred to as a “We Buy Any House” company, will do what it says on the tin: buy any house for cash, and they are able to complete in as little as 7 days. Yes, complete, meaning the money will be in your bank account.

Cash buyer companies have gained immense popularity over the recent years, not just with sellers in a pickle, but also regular homeowners and professional investors/landlords that are in the market for a quick hassle-free sale. However, admittedly, they are particularly desirable among those in a bind, for obvious reasons. For example:

• Homeowners facing repossession
• Properties with hoarders
• Properties in need of extensive repair
• Properties with Japanese Knotweed
• Properties with subsidence

Advantages of selling to a Cash House Buyer Company to stop repossession

There are plenty of reputable Cash House Buyer Companies scattered around the UK (but also plenty of bad actors, so I’ll recommend a few of the good eggs further down), and they have been a saving grace for many facing repossession, because they’re able to provide the following service:

• Purchase property super quickly (like I said, in as little as 7 days);
• cover all legal fees;
• liaise with the lender directly and prevent the repossession;
• manage all paperwork and surveys;
• purchase any property in any condition
• help homeowners clear debts and generally resolve financial issues quickly.

What’s the catch? Yes, there is one, but a predictable one! You’ll be expected to sell for approx. 15% below market value of the property (i.e. you should expect an offer anywhere between 75-85% of the market value). Yes, you’ll need to take a hit, but it’s likely that it won’t be as painful as getting repossessed…

Selling to a cash buying Company Vs Repossession

As my opening statement said, your home is likely to sell for a higher price before repossession, which means it will usually sell for less if it is sold by the lender after repossession. In many cases, you’re likely to come out better off even after selling below market value to a cash buyer. But that’s something you will need to determine with your own research.

I’m going to cover a few more quick points:

If you get repossessed…

• The lender will often incur a lot of costs which ultimately, they take from the sale proceeds of the final sale amount. This can amount to about £17,000 when you factor in asset management fees, maintenance costs, legal fees etc. That’s money that will be taken from the sale of your property.
• If there is any money left over the vendor will not receive this until about 12 months later once everything is finalised. Needless to say, not great if money is tight (which is likely the case) and you are trying to move on to a new chapter.

If you sell to a Cash House Buyer Company…

• Firstly, they can stop the repossession, because most lenders just want to see the “homeowner taking action”. So a Cash House Buyer company that knows what they are doing will engage with the lender’s solicitor and hold off any repossessions whilst it gives you breathing space to find a new home. This means you will have access to the cash from the sale straightaway and won’t be subject to the hefty repossession costs.
• You will be able to move out when it suits you with the money in your bank account, rather than being told to leave without any money.

My recommended Cash House Buyer Company to prevent Repossessions!

*raises hand* I certainly have to disclose that I do have an affiliate partnership with my recommended supplier, MyHomeBuyers.com, but I also want you to rest assured that they are only a partner because I think they’re among the best in the business. I explain why in my complete review of MyHomebuyers.com. I know for a fact they deal with many repossession cases, so know exactly how to manage the process.

With all sincerity, I believe you will be in completely safe and honest hands with them. Even if you simply want to talk to an expert to explore your options, no strings attached, they would be me my recommendation:

Service	Rating	Features	Offers (up to)
My Homebuyers	Rating 4.8 TrustPilot Reviews	Features Guarantee to beat any genuine cash offer Members of The National Association of Property Buyers, members of The Property Ombudsman and Trading Standards Any property, any condition considered (England or Wales) Cash offer within 24 hours, Sales completed in as little as 7 days Free Legal fees included, No agent costs or hidden fees Guaranteed sale Direct buyer, with no middlemen	Offers (up to) 80-85%of Market Value	Get cash offer

That said, they are not the only reputable company in the industry, I have a few more highly reputable Cash House Buyer Companies listed here, but in case, I always recommend for everyone to do their own due diligence, moreover, put out the feelers and talk to a few companies. You’re likely to get varying cash offers, which will likely sway your decision (although, purely focusing on the best cash offer is not a hill I’d be willing to die on when dealing with cash buying companies).

Hope that’s been useful, or at least, given you an option to explore before making your decision.

Needless to say, best of luck xoxo