You have a major problem. You’re down on both cash and credit, and you only have one option left: sell your house. You might be wondering, however, how exactly do I sell my house? You can’t just head off to the nearest ad agency with the specifications of your house. Posting pictures of your house on your Facebook account with a for-sale notice is good, but there are better ways of attracting prospective buyers.

The first step may require you to hire house cleaners or movers. You’ll have to get rid of all your furniture and personal stuff that makes the house look cluttered. Prospective buyers are always looking for houses that are bare. People love to visualize, and buyers are no exception- they want to be able to envision what they’re going to put into their future house. A house that is chock-full of clutter will only distract or discourage buyers from visualizing. Make sure that every nook and cranny of your house is clean as well. A couple of spider webs or wall stains could be enough to discourage buyers from acquiring your house.

The second step is to hire a trustworthy broker. The ultimate aim of business transactions is profit- but one won’t arrive at profit with mere mathematical skill and business know-how. A trustworthy broker is essential in a successful sell-my-house project. It’s tricky when it comes to narrowing down your options for a broker, however. You’ll have to rely on word-of-mouth testimonials and background checks most of the time. Chances are, the best brokers would be praised and highly recommended by fellow house sellers. Make sure you have contacts who are also selling their houses. They might prove helpful when it comes to comparing notes, and you might also get the scoop on the best broker as well.

The third step is to determine the selling price of your house. Every sell my house project involves market value estimation. As easy as this might seem, it still requires a lot of research and discernment when it comes to arriving at a final price for your house. You’ll have to pinpoint houses that have the same build as yours. Once you get their selling prices, you have two options: go with the flow, or dictate a new price trend. The first option is less risky. It’s the way to go if you want to play it safe and garner sure profit. The second option is also termed as “desperation moves” by some house sellers. You can opt to set your selling price way below the market value. The good thing about this strategy is you’ll surely attract a lot of buyers. The downside, however, is that you’ll end up with less profit because of the reduced price.

The fourth step is to make sure the public is aware of your sell my house project. Aside from posting pictures, you should record video clips of your house’s interior and exterior areas. With these tips, you’ll surely be able to garner prospective buyers.

In general terms, repossessions are properties that a financial institution takes back from a buyer when he fails to make due payments for the property. When purchasing a house financed by a bank or other such financial institutions, the buyer agrees to have the house repossessed in the event that he fails to pay his installments and goes beyond the grace period provided for in the contract. The house becomes a form of collateral and thus guarantees the payment of the housing loan.

For people who are in the market for a house, repossessions are good bets. Here are a few tips when planning to buy a “repossession.”

Research on the repossessions in the area.

Just as with buying any property, you must do your research. Remember that a repossession is not always a good deal. Find out things like transportation, schools, employment opportunities in the area and the general reputation of the neighborhood. You don’t want to live in a house in an area with a very high crime rate and prone to street flooding.

Get a good mortgage deal for buying repossessions.

Find a good and reputable financial institution that can give you a good mortgage deal. A broker that is personally known to you is the best bet, or one that has a well-established reputation.

Get the deal done.

Remember that when you plan to buy a property and that includes repossessions, the seller is not bound to take the property off the market even after you they have accepted your offer; try to get the deal done as soon as possible. However do not sacrifice all other factors just to close the deal. Do your research and consider all the factors involved in making an informed and intelligent decision. When you offer to buy a house, you would have it surveyed and you would be paying legal fees and such to other professionals. If the institution decides to sell the house to someone else because you are taking too long to decide, those fees would all be taken for naught.

Don’t buy a hopeless repossession.

Just because it is selling for the lowest price doesn’t mean it’s a good deal. They are selling it cheap for a reason. It could be in a worse condition that it initially appears. You need to hire a surveyor to check and inspect the state of the property and give you an accurate report. Check whether or not the utilities have been cut off and include this in the consideration for your offer.

And finally, make sure that all attachments to the house have been satisfied. You don’t want the previous owner’s creditors showing up at your doorstep one day claiming to repossess the house for non-payment. Give all the creditors (check the deeds for this), and verify the status of the creditor’s debt. As with any potential purchase, always be vigilant and keep a close eye on the details of the sale, the property and the terms of sale. After all, it is your money and your property.

This article was contributed by Willie Nelson, a UK property consultant offering the best ‘buy my house’ solution for UK homeowners.