THEREyou are, a happy little property owner, minding yourownbusiness. Your thoughts are that maybe, in the not too distant future, you will sell up and take the next step up the property ladder. You hope that little deposit you paid upon purchase has grown into a nice chunk of equity, which will help you on your merry way up the next rung.
But without warning, your eyes meet those of a colleague across a crowded office. You share an after-work drink without your partners. Or your previously loving partner decides the plumber, whowas called in to upgrade the bathroom, is in fact an upgrade on you!
Alternatively, those eyes across the office are those of your bosswhois contemplating your future with the company. Even more traumatic of course is an unexpected illness, or other circumstances that suddenly and unexpectedly mean your dream of the trade-up is dashed.
Nowall you long to be able to do is clear your debts, pay off the mortgage and all those late payments and get to the nearest rental!
Inmyexperience there is a seemingly never-ending list of circumstances as to whysome people need to sell not when the market is right, but now, ASAP, or even yesterday.
These sales therefore are categorised as a distressed sale. This is a very accurate title as it reflects the fact that there is a lot of distress for the vendors. If you, or a friend or family member, are ever in this really difficult and stressful period of life, here are a few suggestions to try to help:
a distressed sale is a target for the bargain hunter, not the overly generous house hunter. Only when a sale is needednowcan using the term be considered a good way to attract buyers, but do not expect to attract top dollar.
to take the anger out of the situation. This is easier said than done, especially in matrimonial disputes, feuding families or even lenders that you maynot think are being very helpful. But take a step back and try to look at the situation from the other party’s point of view.
can be tempting to lose interest in the home, maintenance, tidiness, and even content tends to disappear at these times. Distressed sale homes frequently look unloved, but this is counter-productive. It will not only slow the sale process but can have a massive impact on your sale price. Most of these situations are difficult to due to money, so absolutely every dollar counts, but you can keep the lawnmowedand the house clean.
is an ex-partner, the bank, family or just dire financial straits, there is usually another party driving the need for the sale. At this time you would probably rather pull out all yourown toenails while on a camping holiday with your former in-laws in a three-man tent than talk to the other side about the best way forward. But you must try to work together to maintain and present the home well and encourage positive marketing. The mutual goal of a sale at a good price is worth biting your tongue for.