While getting repossessed would be considered a disaster, the shorter period between it happening and the property being sold at least gives borrowers in arrears the chance to move on sooner.
The time it takes a repossessed house to be sold has shortened to 115 days from 154 one year ago, Spicerhaart corporate sales data has found.
While getting repossessed is generally considered to be a disaster for a mortgage holder, the shorter period between it happening and the property being sold at least gives borrowers in arrears closure sooner.
Dave Miller, client account manager of Spicerhaart corporate sales, said: “Having to take possession of a property is always the position of last resort, but when it has to happen it is essential that it is done both quickly and professionally, with the borrower’s needs taking priority.
“It is a myth that repossessed homes are sold off cheaply.
“Lenders, asset managers and corporate sales departments like ourselves have a duty of care to get the best possible price for a repossessed property.
“By ensuring that we engage with the prominent local estate agent to market and sell the property we are able to take full advantage of the buoyant property market we currently have.
“The higher the sale price aligned to selling the property in a timely manner ensures that we have a positive impact on either the surplus or shortfall to the borrower which is always our primary goal.”
