Why do house sales fall through?
One of the biggest stresses during any move is waiting for your property to sell and completing the move, especially if more complicated buyer chains are involved. According to ‘Estate Agent Today’ in 2018 30% of property sales fell through. This can of course put you in a difficult situation especially if you need to sell your house fast.
The main reasons for a house sale falling through are cited as:
- The buyer changing their mind
- A higher offer is received before an agreement was formalized
- A mortgage falling through
- Slow conveyance
- Surveys finding new issues
- Poor real estate agents
- A breakdown in the seller chain
So what can you do?
You need to sell your house, but something has gone wrong. Well, you can go to a quick property buyer such as ourselves or revisit other offers you may have had. You can also see if whatever commitments you have made can be differed or even if you can afford to keep your current property by becoming a landlord or other means.
The best thing to do however is to try and avoid any of these things happening to begin with.
With surveys, it’s pretty simple, have one done yourself and be honest about any potential issues. If anything major is discovered mid-sale then it’s going to cause a problem. If the chain breaks there, unfortunately, isn’t a lot you can do and there are currently no plans for laws for pulling out once a sale has been agreed upon. If this has happened to you can always ask us for a quote and see if we’re able to help.
