If you have experienced a house sale falling through, you’ll understand how distressing it can be.
A house sale falling through is extremely stressful!
The number of house sales falling through before completion is on the rise, with more than one in four sales now failing to successfully complete. So how do you stop your house sale falling through?
In a time of growing property market uncertainty, we ask Danny Luke, Managing Director for Quick Move Now, for his top tips for increasing your chances of a successful, timely property sale.
If you’re the seller:
Get to know your buyer: Find out as much as you can about their situation so you’re aware of any potential issues that may arise throughout the course of the sale – forewarned is forearmed.
Choose your buyer wisely: The highest offer isn’t necessarily the best offer! Don’t be afraid to ask questions in order to assess how attractive they are as a buyer…
- What is their current living situation? (renter/owner etc)
- Is their mortgage finance in place?
- Are they in any sort of property chain?
- How long have they been looking for a property? (this will help you assess if this is an impulse purchase and therefore, potentially, more susceptible to fall through)
- What’s their reason for moving? (this will help you assess if they’re motivated buyers – if they’re moving to a deadline, ie. relocating for work, or wanting to move before a new baby arrives etc. they’ll be keen to secure a quick and successful completion)
Choose the right estate agent: Your estate agent should be doing a lot of the background research on the buyers for you, and should only be showing your property to serious, proceedable buyers. Picking and instructing an estate agent and they will work hard to find you a strong buyer and manage the sale through, pick a bad agent and they’ll do little more than list your property on a website.
Keep in touch with your solicitor: Solicitors are dealing with numerous cases at any one time, so, if you’re keen for a quick, successful completion, schedule in update calls to check on the progress of the sale and ensure you’re aware of what the next steps are at any stage.
Make yourself as proceedable as possible: The more simple your sale, and the fewer parties involved, the quicker and more successful the sale is likely to be.
If you’re the buyer:
Get your mortgage finance in place before making an offer: Getting your finances lined up before you make an offer will not only speed up the purchase, it will also reduce the risk of the sale falling through due to mortgage lender issues. Before you make an offer, you should have a ‘mortgage in principle’ in place, telling you how much your mortgage provider is happy to lend you.
Keep your eye on the ball: With 15.79 percent of the sales that fall through doing so because the seller secures a better offer from another buyer, it’s important to keep in close contact with the seller so you get early warning if they start becoming unhappy with the way the sale is progressing (a good agent should do this for you!).
It’s also important to ensure, when your offer is accepted, that it is done so on the understanding that the property is removed from the market and no further viewings are permitted.
Keep in touch with your solicitor: Your solicitor, and how proactive they are, will dictate how quickly the purchase goes through. Make sure you’re in regular contact with your solicitor and respond to any enquiries or requests for additional information as quickly as possible.
If you have found yourself in the unfortunate position of having a house sale fall through, and don’t want to lose out on your onward purchase,
If you want to sell your house fast, Quick Move Now can provide you with a free, no obligation cash offer for your home. Simple complete our online estimate form today or call our friendly team on 0800 068 3366.