Home Repossession? The benefits of selling your home yourself!
Lately, home repossession in the UK from mortgage arrears has been rising due to many factors and some are even blaming what is now being known as “Broken Britain”. Unfortunately many homeowners find themselves in a dilemma, should they let their lender take control of the selling process, or should they take matters into their own hands and sell the property themselves?
Whilst selling your home yourself gives you complete control over the process, time may not be on your side, but you get to choose the marketing strategies and negotiate directly with potential buyers. This control allows you to make decisions that may be able to see you get some of your hard earned equity out of your home.
By selling your home independently, you have the opportunity to maximise the sale price and without the involvement of intermediaries or agents, you can avoid hefty commission fees and negotiate directly with buyers. Additionally and if your home needs a bit of TLC, you can Joint Venture with specialists and raise the features of your property and highlight its value, potentially attracting higher offers.
Home repossession can have a lasting impact on your credit rating and financial reputation however, by proactively selling your home yourself, you can avoid the stigma associated with repossession and this approach can demonstrate responsibility to creditors and may mitigate some of the negative effects on your credit history.
Selling your home can be a deeply personal and emotional process, especially during times of financial distress. By handling the sale yourself, you can maintain privacy and dignity throughout the transaction. You won’t have to disclose sensitive information to third parties or endure the potential embarrassment of a public auction or repossession proceedings.
Selling your home independently can lead to a faster resolution compared to waiting for the lender to initiate repossession proceedings and you may be able to save on legal fees associated with repossession proceedings.
While it’s essential to seek legal advice to ensure compliance with regulations, handling the sale yourself can reduce overall expenses and see you keep more equity from the sale.