Is this a good time to buy a house?

Well according to RightMove, at the moment “the housing market is on its knees”.

People are only selling if they have to, such as in the case of changing jobs, bad debt, divorce or of course a family will often sell a house after a relative dies.

All of these situations are regrettable and unfortunate, but these people can be desperate to sell and you could be able to help them.

I know of situations where some people have just given up and thrown in the towel just waiting to be evicted so their home will be repossessed. This is not very good idea. Because somewhere down the line, unless you enter into agreement with the bank or building society to write off your debt after selling the house, (maybe at auction), which frankly is unlikely, they may come after you many years later when you do have some money.

It is far better for them to sell to someone at a reduced price.

So if you are in the position of buying, then I believe this could be a very good time to buy. If you can meet someone who is desperate to sell and you can do a deal which takes 10-15% off the current price and they get enough money to pay their debts without a repossession, then this would be a great deal all round.

There are many ways to raise money for a mortgage and having been in the mortgage business for 20 years, I think I know most of them.

So if you would like some advice free of charge, just give me a call and we’ll have a friendly chat to see if I can help. And if you know of someone who is desperate to sell a property, then why not do them a favour and make an offer, they may just snatch your hand off!!!

So yes I do believe this is a good time to be buying a house. If you can get a mortgage. And this obviously is what I do best, source mortgages, yes they are still out there… but that’s for another day.

Let me have any comments below.

Michael