If you have been around the property block a few times, you may have experienced, either from buyers or sellers perspective a situation where a quick sale is required. The housing market does not typically take into account personal circumstances so there might be occasions when you might need to try adjusting your price downwards to beat the market.
We have used our years of property experience to come up with the top reasons for why a quick sale may be needed.
1. Inheritance/Probate - if you have inherited a property due to the loss of a loved one, in addition to the grief of the loss, you have the stress of selling a home. Naturally, if the property belonged to a parent or grandparent, the property may need some updating so it is potentially a double whammy. It is therefore understandable that the people want the matter sorted sooner and adjust the price accordingly.
2. Relationship Breakdown - when a relationship breaks down, it is only natural to want to draw a line under it as soon as possible. Financial matters along with the sale of a property bring emotional closure and allow both parties to move on.
3. Job Move - the offer of new employment can often mean a change in location. There may be other considerations such as new school start dates. It is not unusual for people to take on a tough commute initially but this can impact the quality of life. If you have the feeling of “All I do is work” or “I am never in this house I am paying for”, you know it is time to move and move quick.
4. Job Loss - this is the other side of the work coin and can have a devastating impact if it is sudden and unexpected. For a lot of people, selling quickly covers bills and buys time to regroup and think about the next steps. Removing some of the financial pressure by renting for a while allows you to focus on the job search.
5. Repossession - it is surprising how quickly things can escalate from missed payments to repossession proceedings in court. Cut your losses and sell quickly. If the property is repossessed, the owner is still liable for costs and any shortfall and also faces a severely damaged credit rating. This will ultimately affect your ability to buy again. It is far better to sell and live to fight another day.
6. Problem Tenants - if you are a seasoned or even an accidental landlord, the fear is always of having nightmare tenants that cause havoc and depending on the agreements that are in place, the only option might be to offload the property with the tenants in situ. Whilst someone may benefit from a reduced purchase price, they will inherit the problem too.
We would recommend whatever the situation, come and talk to us in confidence about how we can plan your next move or purchase. You may be finding yourself in one of the above situations and as experienced property professionals, we know how to engineer a quick sale and minimise the financial impact.