Foreclosure, say economic analysts, is the key factor that caused the global financial crisis. The financial crisis the world is experiencing began with unpaid mortgages piling up and leading to foreclosures. As banks suffered huge financial losses due to the drastic increase in foreclosures, a crisis arose that spread throughout the world. Homeowners facing foreclosure today are choosing to sell their properties, not just small ones but also farms, in the hope that they can use the sales to pay off the unpaid mortgage and still have extra money to start over.

Real estate agents are often sought after by people who want to sell properties to help them find buyers. Some real estate agents are successful in finding a buyer who pays handsomely, but there are many agents who don’t deliver. Relying on the efforts of a real estate agent can be really risky, especially if time is of the essence. Your property may soon end up on a real estate agency’s expired listings registry or may be seized by the bank because you failed to redeem it.

Usually, those who want to sell their property enlist the help of real estate agents to help them find a buyer. Real estate agents are fine as long as they keep their word to find a buyer as soon as possible. However, if the real estate agent does not find a buyer before the bank repossesses your property, you will no longer be able to take anything out of your property. There are other means by which you can still save your property and that is through cash purchases. This is where you have the option of selling your home to an investment company instead of having it listed through a real estate agency where your property may end up on the agency’s expired listings registry.

You may also have been on official business abroad for months, on holiday or away for a period of time to care for a sick family member. Your vacant property may have been vandalized and stolen. You expect your property insurance to cover the cost of repairs, but your insurance company can circumvent vacancies by saying that properties that have been left vacant for more than 30 days are no longer covered by insurance.

What if your property has been unoccupied for an extended period of time due to a job or vacation? Vandals can ruin your property if they see that your house has been empty for a long time. Even if your property is insured, your insurance company could claim that the insurance does not cover properties that have been vacant for more than 30 days. You can always resort to cash purchases to sell your property that has been vandalized to such an extent that you believe it is no longer worth keeping.

Cash purchases also apply to heavily damaged properties. Real estate agencies will offer a very low price for properties that have suffered damage over the years. If your property has suffered fire damage and your insurance company is making it difficult for you to claim your insurance coverage, then you might as well sell your property and buy a new one. With the money you get from the sale of your property, you may be able to buy a nicer single-family home in a more decent neighborhood.