What to do if your house sale falls through
If your house sale has fallen through, it can be a very disappointing and stressful experience. However, it’s important to remember that it’s not uncommon, and a good estate agent can help you navigate the experience.
According to recent data from Rightmove, the average house sale falls through a shocking 3.1 times before it goes through to completion. This can be due to a number of reasons. It could be because the buyer has changed their mind, because they’ve failed to get the necessary mortgage finance, or because of a problem with the property survey.
Whatever the reason, it’s important to stay calm and take things one step at a time. Here are some tips on what to do if your house sale falls through:
Find out why the sale fell through.
This will help you to understand what you can do to avoid it happening again. Talk to your estate agent and solicitor to get a clear picture of what went wrong. Your estate agent should be able to provide you with the advice you need to secure a new buyer as quickly as possible.
Consider making some changes to your property.
If the sale fell through because of a problem with the property, such as a structural defect or damp, you may need to make some repairs before you put it back on the market.
Price your property competitively.
It’s important to make sure that your property is priced realistically in line with the current market conditions, which are subject to regular change. If your asking price is too high, particularly in the current market, it may be putting buyers off.
Market your property effectively.
Make sure that your property is well-presented and that you have good quality photos and descriptions first time round. Your estate agent should also use a variety of marketing channels to reach as many potential buyers as possible. They should also have kept a record of all other interest prior to accepting an offer. All of this will make it easier to locate your next buyer within a reasonable timeframe.
Sometimes easier said than done. It can take time to find the right buyer for your property. Don’t be discouraged if your sale falls through. Keep communicating with your estate agent and you’ll eventually find the right person.
Here are some additional tips that may help to reduce the risk of your property sale falling through:
Ask for proof of finances early.
One of the most common reasons a property sale falls through is because of the buyer failing to get the necessary mortgage finance. Before you accept an offer, we’ll ask the buyer to provide proof of their finances, such as a mortgage pre-approval letter. This will help to ensure that they are able to afford to buy your property and mitigate any risk of the sale falling through due to financial reasons.
Communicate regularly with potential buyers.
Keeping potential buyers updated on the progress of the sale and answering any questions they may have promptly is key. This will help to build trust and confidence. By keeping in touch with previously interested parties, this also keeps us in the loop on their buying position and enables us to act quickly should your sale fall through.
Communicate well with your chain.
If you’re part of a property chain, it’s important to communicate well with the other buyers and sellers. This will help to identify any potential problems early on and take steps to resolve them. Our in-house Sales Progressors dedicate their working hours solely to this purpose, meaning we are always informed of what is happening with your property transaction.
If you have any concerns about your house sale, the best thing you can do is talk it through with your estate agent.
Jacobs Steel are estate and letting agents with offices in Worthing, Findon, Lancing, Shoreham-by-Sea and Hove. We will guide you through the entire process, communicating with you every step of the way.