One of the most heart-breaking and frustrating things about buying a house is the possibility that the whole process can fall apart through no fault of your own.
Lockdown in the UK put many house deals on hold and even though the housing market has kicked back into action, inevitably there will still have been deals that collapsed.
There are lots of reasons why deals can break down and when you consider the costs that can be involved in the whole process, buyers and sellers need to be as proactive as possible to try and limit the chances of this happening. Even though like we’ve seen recently, sometimes this is beyond anyone’s control!
A recent BreezeMove survey put the average cost of a collapsed property sale at £2700 for a vendor, which is a considerable amount of money for anyone.
Why do Transactions Collapse?
A buyer changing their mind about a property was cited as the reason for a property deal collapsing by 34% of respondents, a vendor getting frustrated with the speed a property deal is moving at was cited at 15% and another buyer gazumping a deal and offering more 10% of the time.
Here at Home EA, we think it’s so important to have experienced estate agents who are skilled and astute enough to prevent as many property fall-throughs as possible. In the UK the property market can be quite a protracted process with a whole host of reasons and ways that people can drop out of a deal, which makes our role crucial when we’re trying to help our customers buy and sell.
Limiting fall-throughs is one of our priorities, as we know the time and effort that goes into every element of the property process and how frustrating it can be if it doesn’t work out.
How to Limit the Risk
Although there are decisions that others make out that are completely out of your control, there are some principles you can try and stick to prevent a fall-through.
- Ensure that your property is in good condition on every viewing that a buyer makes. It may be in good condition and decluttered the first time, but if a buyer wants to come again then they’ll want to see that it’s regularly maintained and they won’t get any nasty surprises when they move in.
- Keep in communication with your estate agents and the buyer/vendor if you can. Ask questions and offer answers quickly and with the detail being asked for.
- Stay in regular communication with your solicitor too and anyone else who is important in the property transaction.
- If you’re reviewing offers then don’t just look for the highest price offered, try to assess the conditions around an offer and pick the best prospect.
If you’re looking to buy or sell a property then get in touch with a member of our experienced team at Home EA and we can help to guide you through the property process and help to prevent any fall-throughs.