For the last few years, the housing market has very much been focused on sellers, with huge demand causing prices to increase, even with a few lulls and lower points.
With prices on the upswing albeit lower than at the market’s peak and Chorlton estate agents reporting price increases, there is a suggestion that property is becoming a seller’s market once again.
Whilst in most cases buyers are looking for a property they are likely to remain in for some time, there are some who need to sell a property not long after it comes into their possession. In some cases, they need to sell as quickly as they can.
For the most part, there is nothing stopping a person from selling a house immediately after buying it; once the deed is in their name it is their property to do what they wish with it. However, there are a lot of practical implications to this.
The first is that outside of a particularly unusual set of market conditions, this sale will almost certainly be at a loss, once fees and early mortgage repayment charges are taken into account.
Some lenders are wary about properties that have been owned for less than six months as it is seen as a sign of a potentially risky property, and buyers will likely ask about the reason for the quick turnaround.
However, there are reasons why a property can suddenly be sold as quickly as it is bought.
Generally, this is caused by a rather unusual purchase that allows a property owner to benefit from a quick sale, or if there are particularly major circumstances after the contracts have been exchanged that mean someone can no longer live in the house they have just bought.
The former involves inheritances, motivated sales bought for cash or exceptionally fast turnarounds on house flipping projects, although the latter is rare in a seller’s market.
These personal circumstances can involve relocations for work that fall through, a death or serious illness in the family or a divorce or breakdown of a relationship.
