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Avoid losing it all

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There is no shame in being broke at the moment.

Just join the throng and manage it as wisely as possible.

This is the advice of Lew Geffen Sotheby’s Jill Lloyd, who adds: “A home you can afford means happiness in that home. Don’t forget that love can easily fly out of the window when the bills start piling up.”

Owners who are selling due to financial difficulty should “not leave it too late”. If their property is sold by the bank on auction, they may not get a good price and will be liable for any shortfall.

“It is important not to get to that stage. Speak to an experienced agent and they will market your house and, if necessary, keep in touch with the bank to keep them from pressurising you. Agents are not going to advertise that you are under pressure. They are going to try to get the best possible price for you. 

“Sellers of properties with large bonds should tell their real estate agents how much they have to clear because sometimes an offer has been accepted by the seller and it doesn’t cover the bond because they did not speak up sooner,” Lloyd says.

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