In today’s market it is very unlikely any buyer will pay the full market value for a property, in most cases buyers will seek discounts of 5% or 10%, even more if you need a very fast property sale.
But what if your property value is only a few thousand more than the mortgage, to sell at a price less than your mortgage you would need to find money from elsewhere to pay back the lender. Is there any way you can be assured for selling at a price equal to or great than your mortgage in such situations? In short the answer is yes.
If your property is in the London / South East area there are buyers who will pay closer to the market valuation for your property and allow you to move on within just a few weeks. So how does this work?
Briefly, the buyer will contract to purchase your property at an agreed price, equal to or higher than your mortgage, but the actual completion of the purchase will be a few years from now (typically 1 to 3 years). So, in the mean time the buyer will also contract to pay your mortgage and maintain/insure your property. In effect, you can just walk away from your property without worrying about paying your mortgage or maintaining the property. Then after a year or two the purchase is completed and the buyer pays you and difference over your mortgage.
If you know someone who wants to sell in this way then contact RepayMortgage, you can read more here selling property with little or equity. This way of selling is not for everyone, but it is a way to sell and move on without remaining tied to a property and location where you no longer want to live.
