The key to a house sale that’s free of hitches

house sale free of hitches

As anyone who has ever experienced a house sale falling through knows, the process can be frustrating and upsetting not to mention that costly. New findings from property site Quickmovenow.com show that 29% of house sales fell through last month.

Danny Luke, Business Manager for Quick Move Now said;

This figure is lower than it was at the same time last year yet it is still a long way adrift of the pre-crash rates of 15% or less in 2005. The main cause is money. Buyers are struggling to raise deposits or obtain mortgage finance and only hear about potential problems near to completion.

Nicholas Ayre of buying agent Home Fusion says;

The large number of sales falling through is mainly due to tough lending conditions but other reasons include buyers getting nervous and pulling out, failure to secure mortgage finance and a low valuation from the mortgage company’s surveyor.

All of this means that despite going through the effort of negotiating and agreeing a sale price there are no guarantees. That said there are steps you can take to reduce the risk of a sale falling through.

Mark Harris of broker SPF Private Clients said;

The quicker you exchange contracts the better. Don’t be responsible for any delays in the process. Before putting the property on the market, pull together any necessary paperwork because this will speed up everything.

Ayre also recommends getting a copy of your lease and title deeds along with other paperwork such as your Energy Performance Certificate. Communication is also key.

Douglas sleeper of estate agents Townends, says;

The quality of the estate agent, the solicitor handling the transaction and the financial advisor arranging the mortgage are what really matters. Quite often a sale falls through because of a lack of understanding or feeling of not being fully engaged.

To avoid this happening make sure you stay in touch with all parties. Harris also says;

Ensure the buyer is financially committed to the purchase early on. Only take the property off the market once they have booked their valuation or survey so that they stand to lose money if they pull out.

Find out what you can about the buyer, says Ayre, he continues.

Cash buyer and chain-free buyers are the most desirable. Buyers that need to move because of family or work pressures, for instance, are also less likely to pull out. He adds that while most buyers will have their mortgage finance in place your agent needs to check this. Get proof that the buyer has the funds, including deposits.

Matthew smith, of estate agents Kinleigh Folkard & Hayward, recommends talking about completion dates at an early stage.

Be available to take phone calls and get back to people quickly. If you are in a chain make sure your agents has the details of other agents involved so that they can help speed each other along. If there is a problem, good communication can help find out where in the chain the issue lies and how it can be resolved. This also ensures everyone in the process feels involved and aware of the circumstances.

John Howard, of Johnhowardpropertyadvice.co.uk, also recommends putting a timescale in place for the exchange. “That way everybody knows the score from the start. One thing you can do to help a sale is to move into rental accommodation. Renting for a while may be inconvenient but it can make all the difference as to whether you sell or stay put”.

Danny Luke of Quick Move Now said;

This figure is lower than it was at the same time last year yet it is still a long way adrift of the pre-crash rates of 15% or less in 2005. The main cause is money. Buyers are struggling to raise deposits or obtain mortgage finance and only hear about potential problems near to completion.

Featured In:

DailyExpress

This content was written by Quick Move Now
Published on 19th August 2012
Last updated on 7th August 2018

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