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Archive for June, 2009

Sell And Rent Back Your House

Monday, June 15th, 2009

To start us off, here are 3 things you already know:

- we’re still in a recession
- home-buyers are hard to come by
- the number of repossessions is up 50% on the first quarter of 2008 with 12,800 recorded in the 3 months of 2009

But here’s one for you… do you know the value of the most expensive property to be repossessed in the UK?

Go on, have a guess.

£2m? £3m? £5m?

nope, the most expensive house to be repossessed in the UK was a £20mil mayfair mansion which was taken from businessman Cevdet Caner. He’d obviously not heard of the sell and rent back house option offered by professional house buyers!

Ironically enough, Caner actually made his fortune in the buy to let market boom but following the collapse of his company in the recession; his £20m home was seized and he was evicted.

Court-appointed bailiffs officially took posession of the six-storey luxury flat in London’s exclusive Mayfair district and the house is to be put on the market together with a £20 million price tag. It all started in December last year, when administrators were appointed to sort out debts of £1.2bn that Caner owed various creditors. He fought the sale and eviction of his house, claiming that he had tried to repay the mortgage but had been stopped by his mortgage lender.

The loss doesn’t get any easier for Mr Caner to swallow when you look at what he spent on the property. He bought it in July 2007 for £16m and spent £6m refurbishing it, which can only make him now wish he’d decided to sell and rent back the property so he could enjoy the work and money he’d put in to it.

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Sell My House – The Great Estate Agent Price Hike!

Monday, June 8th, 2009

Guess what… Estate Agents have hiked their fees and commisons to make sure they’re taking as much money as possible from your house sale.

Which I suppose is fine, because we’re all well-off at the moment and it’s not like there’s a credit crunch, mass unemployment or financial insecurity in almost every household!!

At a time when the economy’s on it’s knees and home sellers are thinking: “just how the hell do I sell my house?”; estate agents should be doing all they can to encourage sales, help vendors and kick-start the housing market. But instead, some of Britain’s best-known chains have raised their commission rate and made it even harder to negotiate deals of less than 1.5 per cent.

There’s no doubting that selling your house on the open market is pretty tough right now and Estate Agents are being bombarded with vendors screaming “sell my house quicker!” But some agents are rubbing salt into the wound by not only charging more for the sale but also asking sellers to cough up several hundred pounds or more for marketing costs.

By asking for money up front to pay for advertising, extra photography and the like, the agents hope to tie you in and make you committed to them. When faced with these added costs, many sellers have decided to use the free house selling services provided by professional house buyers to secure a fast cash sale.

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Sell House Fast For Cash

Friday, June 5th, 2009

Inline with their policy of pumping shed loads of cash into the economy and crossing their fingers, The Bank of England committee voted to keep the base rate at 0.5% yesterday. Great news if you can afford to pay your mortgage I suppose but not much help for those that can’t.

Talking of which, Halifax announced the results of their most recent House Prices survey yesterday which showed the average UK house price in the three months to May was still 3.1 per cent lower than the figure for the previous 12 weeks, not good news if you were hoping to sell house fast and release your cash.

Howard Archer, chief UK and European economist at IHS Global Insight, commented: “There’s sharply higher and rising unemployment, very low wage growth and an unwillingness of many people to commit to buying a house.” This doesn’t make great reading for those who are hoping to sell house fast to pay off debts or avoid repossession and with few buyers confident enough to buy and few banks confident enough to lend, the housing market slump could still be way off it’s lowest point.

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