Nothing in life is more frustrating than getting to the end of the exhausting house selling process, only for the whole deal to fall apart. Moving and buying a home is already stressful enough without having to face lost time and money as well. And did we mention all that paperwork?
According to a recent study by Quick Move Now, the fall-through rate in the UK rose in the last quarter of 2015, with more than one in four home sales failing – up 8.32 per cent from the one in five recorded in the previous three months.
While the UK market figures will be affected by the mortgage restrictions introduced recently, the problem of a transaction falling through is universal and can be a problem for anyone selling a house in any country.
Hoping to avoid annoyance in your own transaction? Here are four steps to stop your home sale falling through:
1. Get your survey sorted soon
One of the biggest problems found by Quick Move Now occurred at the survey stage, with more than a quarter of cancelled deals down to problems identified in an inspection. For many buyers, especially when supply is low and competition is high, making an offer on a property is their priority, which means they could make compromises to secure a potential home sooner. However, if the property costs a lot of money, or they find themselves concerned about a particular flaw in the home that they underestimated initially, a survey can give them cold feet. Organising your own survey soon and being able to present them with most honest account of your property possible will help to deter disappointment further down the line.
2. Organise your paperwork
Over one in five failed transactions were simply due to the pressures of the chain. You know the chain. That endless buying and selling string that underpins almost every property purchase. Take too long and someone further down the line finds themselves too late to complete things on their end and suddenly, your buyer has disappeared. To speed up your side of the conveyancing, organise your paperwork as early as possible.
3. Negotiate for time
Another key obstacle can occur just after the survey: the negotiation phase. Agreeing on a new price, taking into account any problems with the property, is a tough challenge, but in addition to the first step, it’s important to remember that time is as important as price: be flexible and agreeable and you are not only more likely to retain your buyer, but you are also more likely to complete your sale quickly, which will help to avoid any pressure from the chain. On a similar note, be open to offers from other buyers. They may not always offer a higher price, but if they can complete a sale at a faster pace, do not be afraid to switch offers and negotiate for the fastest completion date possible.
4. Communicate with your buyer
The most important thing at all stages of your sale is to communicate with your buyer. Make sure that you are available and you are on good terms – this will not only make negotiating easier, but also make you aware of any other personal problems that may affect the buyer’s ability to complete the transaction, avoiding any nasty surprises.
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