Feb 6 2017
There are plenty of guides out there about maximising your house price before you put it on the market, but achieving a higher sale price only makes it that much more frustrating when the sale falls through.
Three in ten property purchases end up collapsing after an offer has been agreed. Not only is this extremely disappointing, it can be financially damaging too, as fees relating to valuations, surveying and other administrative duties cannot be recovered. If you don’t want to go through the hassle of selling the same house more than once, then the following tips should prove helpful.
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Be sure about your decision
One surprisingly common reason for house sales falling through is simply that people change their minds. So, although it may sound obvious, make sure you actually want to sell your home, before you put it on the market.
Also, make sure you have a clear idea of how much you would like to sell it for (as well as the lowest offer you will accept). If you don’t have some firm figures in your mind then you are much more likely to back out of a deal after you’ve accepted it.
Exchange contracts early
Selling a house can be a long, drawn out process, with lots of different stages on the way to completion. There’s getting the house valued, putting it on the market, arranging viewings, having it surveyed, and a whole host of other duties to be performed.
One of the ways to improve your chances of completing a sale to is exchange contracts as soon as possible in the buying/selling process. Once you’ve exchanged, the purchase or sale of a house is legally binding and a date for completion is set. Pulling out of a purchase after contracts have been exchanged is extremely rare as there would be large penalties involved.
Cut out the middleman
A less common way of preventing your sale from collapsing is to cut out estate agents altogether. Rather than going through the traditional process of selling a house, there are alternative options that result in quicker sales and are less likely to fall through.
There are a number of organisations, for example, that boast “we buy any house,” with many of them guaranteeing you a cash offer so you can finalise the sale quickly, sometimes in less than a week. This is ideal if you need money fast, are having trouble selling a property through traditional methods or simply can’t bear for another sale to fall through.
Avoid chains if you can
One of the most common reasons for property sales falling through is due to a break in the sales chain. A chain occurs when a sale is dependent on another transaction happening first. If possible, it is good to try to avoid property chains but if you cannot, make sure you are upfront and honest at all stages to reduce the likelihood of the chain breaking.
A property sale or purchase is a major transaction – perhaps the biggest that you will ever experience. Watching one fall through can be extremely disheartening, but there are steps you can take that will bring your sale closer to completion.