
What to do when the house needs to be sold quickly?
The first coronavirus lockdown and its restrictions affected Katja and Björn's working lives. Björn had to go on short-time work and Katja lost her job altogether when her employer went bankrupt. With the little money Björn earned on short-time work, they could no longer pay the monthly mortgage. The couple was under time pressure. The house had to be sold as quickly and profitably as possible.
Fire sale: with or without a real estate agent?
One thing was clear to both of them: the higher the profit, the better they would be able to pay off the remaining debt to the bank. But Björn and Katja weren't sure if they could do it on their own. They lacked the basic knowledge needed to sell a house. Both wanted to bring a real estate agent on board. However, they each had different ideas about what kind of help they wanted from an agent. Katja simply wanted comprehensive advice and then to go through with the sale without an agent. In her opinion, this would save them money. Björn, on the other hand, wanted the real estate agent to handle the entire sales process. After all, he didn't want to lose any money due to a lack of negotiating skills and an incorrect property valuation.
The consultation
The real estate agent patiently listened to Björn and Katja explain their situation. He provided them with detailed information about the necessary documents and steps for selling the house. Katja was amazed at everything that had to be taken into account. She was no longer sure whether she would be able to do it all so quickly and, above all, at the same time as looking for a new job. Björn and she decided to let the real estate agent handle the sale.
The real estate agent in action
The real estate agent drove to the family's house the very next day. He measured the house with a moisture meter and took photos and 360-degree shots. The property was professionally appraised. In the end, the house was even worth more than the two had thought. At the couple's request, the viewings took place without them being present. This spared Katja and Björn from having to answer any awkward questions. It didn't take long for the real estate agent to find a suitable buyer. He also helped the couple find a new home. The remaining debt to the bank was paid off with the proceeds from the sale. There was even enough money left over for the move. And until Katja found a new job, the couple were able to get through the difficult time financially.
Do you need to sell your property quickly? Then get in touch with us! We will be happy to advise you.
Further information can be found here:
- rp-online.de: Advantages and disadvantages of buying a house at a foreclosure auction
- wikipedia.de: Distress sale
- handwerk-magazin.de: Speculation tax and foreclosure
Legal notice: This article does not constitute tax or legal advice in individual cases. Please consult a lawyer and/or tax advisor to clarify the facts of your specific case.
Photo: © Ja_inter/Depositphotos.com