Many people think that the time of distressed property sales is over.
This is incorrect. In fact, many families have over the part few years managed to live off their savings which have now been depleted. If your family or someone that you know, is unable to keep-up with bond installments, the worst thing to do is to ignore the problem.
Face the music and consider doing one or a few of the following:
· All of our major banks have distressed property programs. It is not in their interest to attach and own property. Make an appointment and consult with the appropriate person. The bank may sometimes prolong the term of the bond or assist home owners by writing-off some interest and introducing him to a ‘distressed sales program”.
· Give you fullest cooperation to the bank and the estate agents that it will appoint to sell the property. Ensure that you are available when the property is valued and when potential purchasers view it.
· If you foresee trouble, but are not yet in arrears with installments, consider selling and appoint estate agents as soon as possible. Read the above inset about sole mandates. Note that many estate agencies nowadays specialize in distressed sales.
· If you are fortunate enough to have family with means, approach them for a loan. Ensure that you have a back-up plan in the event that you cannot repay the loan. Nothing spoils a relationship as unpaid debt!
REMEMBER: You are not unique and millions of people have gone through the same trauma.
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