| Archive for 'Using Property Traders' |
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| Credit crunch will hit small property buyers |
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 Posted on Friday, January 04, 2008 |
Quick house sellers need to check if their buyer has funding available, otherwise it can cause them pain.
As you look for a quick sale, if the buyer relies on mortgage based funding, a property seller is at risk of the property buyer not being able to complete in the timescales promised.
Small, one person property buyers typically rely on mortgage funding, which is granted on a transaction by transaction basis. With the credit crunch that we have all read about, mortgage companies have reduced the number of products they are selling and also tightened up the rules they use for determining whether to grant the mortgage. This means that the number of mortgage applications being rejected is increasing, and property buyers who rely on this type of funding for fast house sales will find it harder and harder to raise funding to buy their properties.
If time is of the essence and it is essential for a seller to "sell my house fast" and to a deadline, ensuring the buyer has the funding available is critical. We recommend that a property seller always asks the potential buyer, early on in the process whether the buyer has funding available, or whether they will be relying on a mortgage.
The other way to ensure that you do not get caught in this problem is to search out and go for a larger rather than smaller property trader. Larger companies typically have corporate finance facilities with pre-agreed funding available which ensures they can keep to their timetable for buying your property.
Fairdeal Homes is such a larger property trader and hence why the company will always be able to Complete in the timescales you need. |
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| Comments: |
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| tariq mian said... |
| like the site very much,some very useful information,a good blog,i am a property finder in the north london area, i have started finding property investments for private investors ,in the north london area. i operate as a one man business, if i can be any help to your company please do contact me.i have extensive contacts with property professionals in the north lodon are,two of my best friends have their oqn letting business,and through them i have been able to establish good relationships with other property professionals in the north london area. also i might need your service in the near future,i have 2 months arrears on my morgage payments,and one or two outstanding debts which i need to clear.at the moment i am not a motivated seller,but if i do not make enough money in the next few months,i could be,i will definately bear you in mind,if i need help, |
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