In The New Credit Crunch, Why Do Companies That Buy Houses & Cash House Buyers Still Want To Buy My House?
If you listen to the news on the radio or TV or read any newspapers often just now, you should be forgiven for developing an ever growing feeling of impending doom, and a more and more overpowering sense of gloom.
All we seem to hear in the media appears to be about banks crashing, bank customers losing their deposits, and an ever rising number of home owners having their homes repossessed. In reality of course, those of us who were lucky enough to get onto the house owning ladder more than 4 or 5 years ago (and that includes the majority of us) don’t have too much to worry about, as long as we have been using fairly conservative financial practices, such not taking out a mortgage for more than 100% of the value of our houses, and resisting the temptations to repetitively top up our borrowings as house prices have climbed higher and higher.
If you did buy your houses more than 4 or 5 years ago, even with a 100% mortgage; it is improbable that the value will drop back far enough to wipe out your equity, and it is even less likely to drop beyond that and put you into negative equity. So, for the majority of us, these shrinking house prices are almost completely theoretical, because most of us don’t want to sell our houses, and those of us that do need to buy another house to replace it, so the loss on one is counterbalanced by the saving on the other.
This all means that the present is not the time to trade down or get out of the house market, in fact, if you have all your finances in good order, and have good contingency reserves to support you through anything the current economic downturn can throw at you; the present is a very good time to trade up, especially if you happen to be holding large amounts of money on deposit. Think about it, Recent events have shown that stocks, shares and even bank deposits can all disappear overnight. On the other hand, land and houses can’t disappear, and as long as you make sure you can keep up any repayment commitments, they can’t be wrested from you. Companies that buy Houses and Cash House Buyers know this, and that’s why they’re so keen to answer your plea to “Buy my House”
The most likely problem you’ll have in trading up in the current economic downturn will be getting caught in a house Buying Chain
Of course, it’s not an easy time to sell a House, but if you’ve owned the House for more than a few years you could sell it without trouble to one of those Companies that buy Houses, or one of the growing number of Cash House Buyers who’ve come into the market lately, because they feel that property feels much safer than even cash in the bank. These firms are eagerly waiting for your invitation to Buy my Home. They don’t pay the full market value of your home, but once you’ve done a deal with them, you become a Cash House Buyers, and with a bit of hard bargaining you’ll recoup all or most of what you “gave away” in order to break the House selling chain.
Leave a Reply
You must be logged in to post a comment.
