fast house sales Archives - National Residential
 

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Performance Report for July, Aug, Sept & Oct

We sell property in our 28 day auctions for 100% of their market value – but what is ‘market value’?

Market value is the top price that buyers from a mix of the private and investment sectors will pay for a property. It isn’t always the price sellers think their property is worth and it isn’t anything we can control – quite simply, it is what people want to pay.

There is, of course, more than one way to find the market value – one way is to start high and end low, reducing the price every 3 months or so until eventually it is what someone is willing to pay. On the plus side, sellers can dream big but the negative side of being ‘ambitious’ is potentially long and costly delay in selling your property.

The time it takes to sell a property fluctuates with season, the market, the asking price and regional influences but most people are aware of property that has been on the market for months and months and months…

 

Some estate agents recommend asking prices that, at best can be described as  ‘ambitious’ (and at worst misleading) purely to secure representation.

unrealistic property valuation

 

Continue reading Performance Report for July, Aug, Sept & Oct


Endowment Mortgage Shortfall

Since the 1980s and 1990s, many thousands of endowment policies have failed to mature as expected leaving thousands of policies with an endowment mortgage shortfall and homeowners struggling to make their final mortgage repayments.

If policy holders do not have savings or some other means to cover the mortgage repayment shortfall, it may be possible to extend the term of their mortgage if they still have a regular income.

However, if they cannot raise money to cover the shortfall or extend their mortgage term, they may have to sell their property to release the equity tied into it.

Downsizing To Repay an Endowment Mortgage Shortfall

A significant difference between the amount the property  has increased in value and the money needed to make up the shortfall may provide enough funds to buy a smaller property outright and repay the endowment shortfall.

Continue reading Endowment Mortgage Shortfall


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