“As with any property market there are good times and bad times for all involved. Currently due to do high inflation rates as well as soaring interest rates, home owners are starting to feel the pinch and many are battling to afford their monthly bond repayments.

To add to the fact that home owners are taking strain in terms of managing to make their bond repayments every month, many are now being forced to sell as they can no longer afford the monthly repayments. The problem with trying to sell a property in the current market is that no-one is currently buying. First time buyers are battling to get bonds due to affordability issues, as well as the fact that the press is constantly spreading the news that now is the time to rather rent until interest rates come down again. This puts current home owners in a predicament as they are literally stranded with a property that they cannot afford and are unable to sell, even when being forced to.

Unfortunately this spells the unfortunate situation of repossession. Banks have no choice but to step in and repossess the property to cover their losses. The rate of repossessions in the current market has almost doubled since 2006. This is clear sign of an affordability crisis caused by interest rate hikes and soaring inflation. In markets like this it is not only the bond repayments which are the cause of an increase in home repossessions, but also the fact that the general consumer is under a lot more financial pressure due high food prices, petrol prices etc.

One of the root causes of the problem is that first time buyers got onto the property ladder 3 to 4 years ago when interests rates were extremely low and times were good. Banks were throwing money at the population and people were spending. These first time buyers failed to cater for future interest rate hikes and as a result are now finding themselves battling to cover their monthly living expenses month to month. If only there was more of an awareness in the press targeted at the general population informing these first time buyers that interest rates do go up and will be going up in the future.

Instead, the media spreads the message to first time buyers that now is the time to buy. The problem is that the media fails to inform these buyers of the potential tough times which could be faced ahead. This would least allow buyers to prepare for times like this and buyers would maybe be a little more cautious in terms of throwing there money around purely because it seems like a great at the time. Due to the lack of this awareness we are now seeing more home owners facing repossession than we have in past 20 years.

Luckily the story is not all doom and gloom, there are fortunately solutions out there to this repossession crisis. There are repossession services out there who normally comprise of a group of property investors and have the ability to buy houses for cash. These investors are able to purchase the seller’s home quickly for cash. The investor will offer a discounted price on the property in return for a quick and hassle free sale. This is a ‘win win’ situation for both parties as the investor gets to acquire the property at a slight discount, and the seller is freed from their burdens and may carry on with their lives. The seller also managed to keep their credit record in tact which is a major benefit. If the seller were to be black-listed they would not be able to apply for credit for the next 5 to 10 years, even something as basic as renting a property would be difficult as landlords generally frown up black-listed applicants.

Another benefit of going with one of these repossession services that buy houses for cash is that they will often allow the seller to remain in the property after the sale renting it back from the investor. This can be extremely useful as in most cases the seller does not wish to relocate as they were simply forced to sell due financial constraints.

It is important to note that if the home owner wishes to utilize the services of one of these repossession companies, it is crucial to get in touch with one as soon as possible before its too late. Easy Home Sales provides this service at no charge so call them today to see if they can help you out of your situation.”