In the past, if you needed to sell your house quickly due to not being able to meet your mortgage repayments, your only real option was to spend the little money you had on some home improvements such as painting the outside of the house and praying that a buyer would come along in time, and hope for the best.
However, these days, things have changed and distressed sellers have the option to go for a fast cash sale in exchange for selling their home at a little less than the normal market price.
This is a great solution for everybody concerned – less homes are being repossessed and sellers are able to at least walk away with some cash in their pocket to start afresh. Banks are not left with empty properties in their portfolios, and this industry has created many jobs within the real estate business.
However, it is not all rosy, as just like with anything else there are many companies jumping on board with the intent of getting what they can out of distressed buyers and offering them far less than the market value of their property. While is expected that by fast cash sale you will not get the full 100% property value, you are advised to shop around because companies will offer vastly differing amounts.
A family member recently went this route after she was unable to keep up with her mortgage repayments, and was very happy with the cash offer she received from her fast house sales company. So do ask around, and read reviews before jumping at the first offer – you might be leaving money on the table.