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Tags: sell your property
When putting your property on the market you can feel as though you’re waiting forever to be given an offer that you’re willing to accept. Once you have finally said yes to a potential buyer and started the sale process, you like to think that everything will be plane sailing from here on out. Unfortunately, this isn’t always the case and selling a property is considered to be stressful because of the potential unexpected bumps in the road that you may face.
One thing that all property sellers dread is the thought of their sale falling through and it goes without saying that until you have signed contracts, this will always be a worry. There are many different reasons why your property sale may fall through and whilst some may be out of your hands, it is possible that you may be able to avoid/prevent some from happening. So, to help any homeowners who want to put their property on the market, here is some advice from experienced estate agents.
As you’re probably aware, a property chain is a number of different transactions that are all linked together. It isn’t uncommon for a break in the chain to affect everyone else in the chain and this can be incredibly frustrating for everyone involved. Whilst chains can break for lots of different reasons, you can help to prevent this from happening to you.
If you’re able to, accepting an offer from a buyer who doesn’t have a chain can make things much easier in general. When this isn’t possible, ensuring you have a good estate agent and conveyancing solicitor will help to keep things moving. If you’re ever worried about things getting quiet, you can ask them to chase down the chain.
When problems are discovered by a buyer’s property survey, it is likely that this can slow the whole process down quite drastically. In some cases, the buyer may even lower their offer for your property or pull out of the purchase altogether. Of course, this isn’t something you want to experience, so you should try to stop a situation like this from arising.
As a seller, it may be beneficial for you to undertake your own property survey before putting your home on the market. Your estate agent will be able to advise if this is beneficial for you to do, but it is likely that if you have an old property or you have concerns about potential issues then it is a worthwhile expense having your own survey.
There are two common mortgage problems that people experience; down valuations and offers falling through. Whilst these are mostly out of your hands because it is down to the buyers to secure their mortgage, you may be able to assist with down valuations and you can protect yourself with regards to mortgages falling through too.
Ideally, you should receive multiple valuations from estate agents before settling on an asking price. This will help you to ensure that your home is on the market for a realistic price and may be able to mortgage lenders down valuations. You can also ask for evidence from the buyer that they have their finances sorted before accepting their offer to reduce other mortgage problems.
Both gazumping and gazundering are also reasons why your property sale may fall through. Whilst you can easily prevent gazumping from causing problems by simply turning down any offers presented to you after you have accepted an offer from one buyer, gazundering is slightly more complicated for you.
In case you didn’t know, gazundering is where a buyer lowers their offer and this typically happens right at the last minute. This leaves you in a situation where you can either accept the offer and be at a financial loss, or reject the offer and have to find another buyer. Your estate agent will be able to advise you further on how it best to proceed in your individual situation.
Hopefully, not only being aware of some of the most common reasons why property sales fall through but also knowing how you may be able to prevent this from happening can be incredibly beneficial. Of course, as mentioned above, sometimes things will be out of your hands, but in this situation, with an experienced estate agent to help you, hopefully, you will be able to find a new buyer and get the ball rolling again as quickly as possible.
When looking to sell your property with an estate agent or if you have any questions at all about anything mentioned above, don’t hesitate to contact our team here at Tatewood today. Our dedicated local property experts always have your best interests at heart and will help you to secure a successful outcome in the sale of your property. We pride ourselves on our excellent reputation and we can assure you that you will be in the best possible hands when you choose us to assist you.