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Quick Move Now Fall Through Index

Thursday, 7 August 2008

Aborted House Sales Increase Again

With 45% of sales aborting in the last 6 months, the Quick Move FTI is showing no sign of improvement.

The data indicates that most sellers are finding themselves having to sell at least twice. With buyers so thin on the ground, this means it is taking many months to secure a completed sale. Vendors are therefore finding that a secure chain with financial security can be worth as much as an offer itself.

With some better mortgage deals being available we had hoped for a noticeable improvement. However the wider slowdown in the economy is now being felt, which is making prospective buyers nervous and indecisive.

As usual the government isn’t helping matters. With leaks and indecision about a possible stamp duty holiday, buyers are waiting to see what happens before buying.

So what do you do? Once you have received an offer get as much information about the sale chain as possible. Any good estate agent should do this for you. You need to know exactly how many are in the chain and evidence that each vendor has the funds to proceed. If a buyer is cash they should provide proof of funds or if they need a mortgage they should be able to provide evidence that a mortgage has been agreed in principle. If you have complete knowledge of the chain it is less likely to fall through, but with the rapidly changing conditions and nervous buyers there can never be a guarantee until completion.

Obviously there is an alternative as QuickMoveNow.com can provide you with a quick, secure, cash sale. Please visit our website for more information.