The 3 Biggest Reasons a Sale Collapses & How To Avoid Them
Accepting an offer on your property is closer to the starting point than the finishing line as you then need to see the sale successfully through to completion. This can be a nervous time for everyone as until contracts are exchanged nothing is set in stone and it is still possible for things to go wrong. Below are 3 of the biggest reasons that sales fall through and some tips on how to try and avoid them.
Problems occur when people feel that things are not going the way they expected. Buying & selling property can be stressful and under pressure relatively minor points can suddenly seem hugely important to people. A bathroom cabinet not getting left behind or a completion date moving by a week can sometimes be the straw that breaks the camel’s back and be the thing that makes a buyer pull out of a purchase.
The best way to avoid this is to be as clear as possible from the start so that both parties know exactly what has been agreed and there is no misunderstanding. Making it very clear exactly what is and isn’t included within the sale and agreeing on timescales should mean that any later arguments around this are avoided. This is also where your choice of estate agent is important as this would be their role whilst agreeing the offer but also having a dedicated professional liaising between buyer & seller should help to avoid any fallout from issues that can arise during the sale.
Selling a property in the UK’s antiquated system can unfortunately take anything from 4-6 weeks all the way up to many months. People’s circumstances can change and buyers can also have a change of heart so the longer a sale drags on the more potential there is for something to go wrong. Delays also lead to frustration and all the excitement and good feelings the buyers had at the time their offer was accepted can slowly drift away.
Being organised right from the start can help to make sure that you avoid unnecessary delays. When you put your property on the market it is also a good idea to instruct a solicitor ready to handle the sale for you. There is a lot of paperwork to complete so this way you can make sure that you get everything filled out and you dig out any copies of warranties or building regulations etc and get them all returned to your solicitor. If you have done this then the minute your offer is agreed your solicitor can send the paperwork to the buyer’s solicitor so that they can get the ball rolling straight away without there being any delay at your end at all.
Again a good estate agent will be a real help here as they will pro-actively progress things and help to ensure there aren’t any undue delays. You also need a good local solicitor in your corner to help push things along, your estate agent should be able to recommend one that they are used to working with.
Your buyer will either opt for a basic valuation, a more in depth homebuyers report or go for a more detailed full structural survey. People appreciate that most surveys are going to identify a couple of areas for improvement but you don’t want anything major or unexpected to crop up as this could see the buyer’s either walking away or looking to significantly re-negotiate to a price you wouldn’t be prepared to accept.
The simple answer to this is that you have a duty to the buyer to disclose any known problems with the property prior to them moving ahead with an offer. If you know that there are some likely issues with your property then you want to either have these fixed prior to putting it on the market or get quotes for the needed repairs so that these can be discussed with buyers during negotiations.
I hope you have found the above useful and it helps you avoid the upset and stress of having a sale fall through. You will notice a common theme running through this was to have a good estate agent acting for you so if you are planning to sell in Derby please do give me a call on 01332 30 30 30 as we would love to help you!
Click Here To Read 3 Reasons Your Home Might Not Be Selling.