What to do if the house needs to be sold quickly?
3 min.
The COVID-19 pandemic turned Katja and Björn H.'s lives upside down. As with many people, the changed circumstances caused financial problems. As a result, they were no longer able to pay the house installments. So there was no way around a quick distress sale. But how to go about it?
The first coronavirus lockdown and its provisions had an impact on Katja and Björn's working lives. Björn had to go on short-time work and Katja lost her job completely when her employer went bankrupt. With the little money Björn earned from short-time work, it was no longer possible to pay the monthly house payment. The couple were under time pressure. The house had to be sold as quickly and profitably as possible.
Distress sale: with or without an 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 whether they could manage this on their own. They lacked the basic knowledge needed to sell a house. They both wanted to get a real estate agent on board. However, they each had different ideas about how the estate agent should help them. Katja just wanted comprehensive advice and to go through with the sale without an estate agent. In her opinion, this would save them money. Björn, on the other hand, wanted the entire sales process to go through the estate agent. After all, he didn't want to miss out on any money due to a lack of negotiating skills and an incorrect house valuation.
The consultation
The estate agent patiently explained the situation to Björn and Katja. He informed them in detail about the necessary documents and steps for the sale of the house. Katja was amazed at all the things that had to be taken into account. She was no longer sure whether she would be able to do it so quickly and, above all, at the same time as looking for a new job. Björn and she decided to let the estate agent handle the sale.
The broker in action
The very next day, the estate agent drove to the family home. He measured the house with a moisture meter and took photos and 360-degree images. The property was professionally valued. In the end, the house was worth even more than the couple thought. At the couple's request, the viewings took place without them being present. This protected Katja and Björn from unpleasant questions. It didn't take long for the estate agent to find a suitable buyer. He also arranged a new home for the couple. The remaining debt to the bank was paid off from the proceeds of the sale. There was even enough money left over for the move. And until Katja found work again, they were able to bridge the difficult time financially.
Do you need to sell your property quickly? Then contact us! We will be happy to advise you.
Further information can be found here:
https://de.wikipedia.org/wiki/Notverkauf
https://www.handwerk-magazin.de/immobilien-spekulationssteuer-auch-beim-notverkauf/150/23/204494
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 individual case.
Photo: © Ja_inter/Depositphotos.com
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