For several years, somewhere in the region of 30% of house sales have crashed. Whilst the exact figure can fluctuate within a local area, understanding the risks is important and ensuring a plan is in place can offer peace of mind.
The main reason for a sale falling through is the seller either changing their mind with regard to the price they have agreed or, as is becoming increasingly common, deciding to let the property instead. The other major reason is the buyer pulling out.
Local estate agents will cite these two eventualities as the most common reasons, but others are often seen. For example, 10% of transactions fail due to problems with mortgages. Most buyers now know the importance of securing funding before commencing a property search.
There is much that can be done from the seller’s side to ensure the sale does not fail from their part in the chain. It is also important to ensure that selling is the right option before taking a property to market.
Selecting which offer to accept is important too. The best estate agents will work with the seller and ensure the buyer has been thoroughly assessed regarding their finances, their selling position and the seriousness of their bid.
All the best planning in the world is not a guarantee that things may not fail, particularly in a chain with many links. For this reason, it is essential to discuss with your agent what plans are in place to immediately remarket the property and engage with previously interested parties.
The best estate agents will know what is to be done and will react quickly should things break down in order to manage the chain. For honest and impartial reviews about local estate agents in your area, read the latest estate agent reviews at Meetmyagent.co.uk. We provide a forum for customers to share their experiences with others.