How Alex from Colchester managed to Sell His House Fast with an Assisted Sale
Alex lives in Colchester, Essex and for a number of years had been employed at the local betting shop as the manager. After losing his job, he began seeking employment elsewhere immediately, but without luck and eventually could no longer afford to pay the mortgage. After several months of discussions with his mortgage lender he was issued with a notice to appear in court as they had decided they wanted possession of the house. With no other idea of what to do Alex contacted The Property Lifeline after searching Sell my house fast online and an assessment was carried out over the phone, completely free of charge.
Our Initial Contact
After gathering all the information we could on Alex’ situation we sent one of our agents out for a meeting to discuss Alex needs in depth. Unfortunately Alex did not have enough equity in the house for us to make him a cash offer but with the court date looming we were determined to help him to stop the repossession. As well as gathering the information we required, including mortgage statements, arrears, secured and unsecured loans and after having several Estate Agents visit to appraise the property we formulated a proposal which would help Alex avoid being repossessed by the bank.
Creative Thinking Led to a Creative Solution
Our proposal involved some intense negotiation with his lender, Northern Rock who eventually agreed that working with us was in the best interest for all parties. Alex’s house was valued at £200,000 by the local Estate Agents and his outstanding mortgage balance was £175,000 with a further £8,000 in arrears and so we agreed a plan whereby the mortgage lender would add the existing arrears to the balance of the mortgage and The Property Lifeline would make future mortgage payments on behalf of Alex until such time as the property was sold and the mortgage repaid. A contract was then drafted between Alex and The Property Lifeline. We would maintain the mortgage payments, engage and communicate with Estate Agents and over see the entire sales procedure and in return after all costs had been paid at the point of sale we would be repaid our investment money and receive a fee.
Although this was not exactly the solution Alex had in mind when he contacted us, it was the only solution to his predicament available to us, due to the lack of equity a quick cash sale just wasn’t possible.
After the contracts had been completed we were able to employ the solicitor we felt best suited the needs of the property, order the EPC and begin marketing. Our agent, Craig spent some time at the house explaining to Alex some hints and tips of how to stage a house for maximum effect and helped him de-clutter the whole house into the garage ready for marketing. It was agreed that the Estate Agent would liaise direct with The Property Lifeline and that all viewings would be booked no sooner than 24 hours notice, giving Alex the time needed to stage the house for each potential buyer.
This is the actual house belonging to Alex.
At first viewings were slow on the property and an open house even failed to encourage a single viewing but with other houses in the area showing prices ranging from £200,000 up to £215,000 we were confident we could stop the house being repossessed by locating a buyer that could buy the house quickly. When assessing the property Craig was confident that it would suit a first time buyer, able to complete a fast sale and that was our target. Eventually viewings picked up and 2 months we received an offer of £195,000 for the house, this was enough for Alex to repay the mortgage and all other fees and still have enough to put down the deposit and pay the first 6 months rent upfront on a new place to live.
Our solicitors were instructed to represent Alex and a clear line of communication opened between The Property Lifeline, Alex, the Estate Agent and the mortgage lender. From this point forward it would be our job to hold the whole chain together and fortunately we were able to push the sale through very quickly. Within 6 weeks of receiving the offer Alex had managed to stop repossession by repaying his mortgage and moved into a new house. To top it all off he had also found a new job.
Despite believing that the only solution to his problem was to sell his house fast The Property Lifeline was able to tailor a solution that managed to stop repossession and achieved a higher sale price for the vendor.
If you are facing repossession or need to sell your house fast, please feel free to contact thepropertylifeline.co.uk or call us on 0800 511 8685.