Can I sell my house to pay off my debt?
Can I sell my house quickly to avoid financial difficulties?
These are the questions that tend to race through the minds of those in financial trouble. If you are struggling to pay your mortgage and are facing repossession, selling your home may be the only feasible option to move forward.
Not everyone is fortunate enough to have limitless financial resources. It’s far more common for people to experience stretched finances, or to have to manage tight budgets where every penny is already accounted for. With levels of unemployment and inflation rising, it’s not making life any easier for homeowners.
Anybody can run into financial difficulty. There are so many reasons why you can be pushed into a debt cycle. Perhaps you have been hit with an unexpected expense which has caused you to move into arrears on your mortgage. Or perhaps you have become seriously ill and can no longer work.
Either way, if you need to sell your house quickly then Olivia Rose Estates will be able to help. We can buy your property directly and you can expect payment within 14 days, meaning you will have funds in your account to pay any outstanding credit and avoid getting further into debt.
Whatever your circumstances, the first step to managing debt is to prioritise. Separate your debts into ‘good’ and ‘bad’ and look at consolidating similar debts if at all possible. Your mortgage should be high up, if not top of the list. Seek out professional advice and get in touch with your lenders. Make them aware of your situation and see if you can reach a more manageable repayment agreement. Taking the time to talk to your lender could make a big difference, as if they can see you’re taking responsibility they are likely to be more flexible when coming to an arrangement.If you do decide to sell your home to clear bad debt, there are other considerations you need to make. You need to ensure that a sale does make economic sense. Selling a property can be an expensive process due to the associated fees. Estate agent commission, solicitor fees and conveyancing costs can really eat away at any equity you’ll receive once the sale completes.
While you may need to release equity quickly to pay off debt, selling a property can be a time consuming process and there’s no guarantee that your home will sell. You must take this into account when forward planning. Can you afford to pay these fees, even if the house sale falls through? And will you still make enough profit on your property after fees to pay off your debt?
Selling your property to pay off debt is a time sensitive process. As such, the traditional house selling route is probably not the best option. An alternative is to look for a local house buying company such Olivia Rose Estates, who can typically purchase properties for cash and in much quicker timescales. We are here to help you sell your house fast. We can offer a guaranteed cash purchase for your property in a timescale that suits you. It could be a couple of weeks, or even just a few days. You no longer have to pay estate agents fees and deal with the potential long delays of a traditional sale process.
We will help guide you through the process of selling your home. From the initial valuation to the final completion date, rest assured you are being guided by trusted property professionals who are here to help you get the most out of your house sale and ensure you have a hassle-free experience.
