Posts Tagged ‘repossession’

Repossession rate is set to rise by 12.5% in 2012

Friday, June 17th, 2011

Repossession rate is still under control because mortgage rates are low. According to the Council of Mortgage Lenders (CML) the mortgage rate will continue to remain low in 2011. And then it will start to increase modestly in 2012. This will definitely have an impact on the number of house repossession all over the country; the repossession rate is likely to increase by 12.5% – that is what CML has predicted.

The repossession rate did not go beyond control because the mortgage rates were low; during the recession of 1991 higher number of people faced repossession compared to present statistics. Just imagine if mortgage rates start to increase in 2012, then situation may become really tough.

Many homeowners are still not feeling the tremor; but that does not mean they are safe! Once the mortgage rates go higher then the true picture will become visible. Once people realise that the plate is getting hotter they will start looking for a solution; perhaps they will try to sell their house fast to stop property repossession.

If thousands of people start selling their house suddenly, it is likely to create a disturbance in the market. There will be more sellers in the market than buyers; the demand and supply balance will get damaged making it tougher for the sellers to find a buyer.

You know that the easiest solution to stop home repossession is fast property sale; still you will not be able to achieve it because there is no buyer. This can be painful! How long can you wait for a buyer; your credit is on stake after all.

Stop Home Repossession with Cash Buyers

You can work with cash buyers and get rid of all the worries. Cash property buyers can help you sell your house quickly even when the market is down. With ready cash they can help you close the deal quickly.

Reputed cash buyers will pay you close to market value for your property. If you are planning to sell house today or in future, consider working with cash buyers.