Going through a home repossession is probably one of the most stressful and frightening experiences we can go through, especially when there are children that may also lose their home. The stress alone can cause mental, emotional and physical health problems.
Sometimes homeowners find themselves in a situation where it looks like they may lose their home in repossession. The reasons may not even be their fault. Situations like losing a job, poor health, divorce, medical bills, etc can all cause a financial drain on the family. Unfortunately for many homeowners, these problems can make it almost impossible to make their monthly bond payment.
When faced with these problems, some just give up, which is the biggest mistake they can make. If this happens to you or your family, don’t sit back feeling sorry for yourself and cussing out the bank because you owe them money that you can’t afford to pay. Take some action! If all else has failed and repossession looks like a certainty, contact a repossession specialist or repossession company!
Repossession companies that years of experience in taking care of homeowners that are at risk of having their home repossessed. They realize and understand that every situation is different and having the training, experience and knowledge to deal even with problematic cases and bond situations. They won’t keep you waiting on pins and needles, wondering if they will help you. If you want a fast sale of your home, that’s what they will give you. This is one of the easiest way to prevent repossession of your house.
When repossession specialists say they’ll give you an instant sale, they mean instant. Within 48 hours of speaking to them, they’ll make you an offer, which means the sale process is already starting. They’ll also contact the bank that has your bond and will deal with them so you don’t have to. As you can see there are ways to stop repossession of your property.
Each home sale and potential repossession may be part of a different situation and they can help you with each type including buying your home and renting it back to you, helping you deal with all your financial difficulties, working with divorced or separated couples trying to avoid repossession and many other unique situations.
It is important to realize that repossession companies will not offer you the market value of your home but rather the trade value, which is usually around 70% of the market value. Most people are accepting of this offer because they are guaranteed a quick sale, which saves them the stress and hassle of going through having their home repossessed and their credit black-listed.
When the homeowner is once again ready to purchase a home, their credit is not black-listed so they can apply for another bond to purchase a new home or their original home from the repossession company. Yes, that’s another bonus of dealing with a repossession company. They’ll rent your home to you so you don’t have to move out and will re-sell it to you when you feel your finances can afford it. For many unfortunate homeowners, repossession companies are their best option for stopping repossession.
Dale Purdon, director and founder of IMAGINE Properties, Easy Home Sales any many more. Prior to setting up IMAGINE, Dale set out to build his own property portfolio in South Africa where he focused on acquiring high yielding rental properties in the lower end market and gained extensive experience in stock-sourcing as well as portfolio management.