Reasons why property fail to sell
Ensuring your property transaction doesn't fall through.
Failed property survey, conveyancing nightmares what if property doesn't get through, why sell did not go through, guide to sell home
About a quarter of Property sales fall through, are for material and understandable reasons, such as broken chains, finance issues, dramatic discoveries such as subsidence, and changes of circumstances such as death, separation or loss of income. About 10% are put down to lack of commitment or change of mind and 65% are generally for preventable reasons. If buyer and seller had played their hands differently, the sale would have gone through. There are steps that both parties can take to maximise the chances of a deal progressing safely to exchange and then completion.
Speed and efficiency are the essence of the deal. Less the delays, more likely is the deal to succeed. Maintaining the momentum, and make sure your solicitor has the same mindset.
Good communications and goodwill between solicitors, estate agent, buying agent, buyer and seller is vital. Bad communications can indicate a real problem. A weekly update from all parties must be the way. Buyer and seller, both to get an alike agreement from agents and both solicitors at the beginning of the process. It keeps everyone on track, catches difficulties and delays and helps with goodwill.
A realistic target date should be set for exchange, so everyone has a deadline to work towards it. If the buyer and the seller, or both aren’t in a rush to move, build in more time between exchange and completion rather than being relaxed about the exchange date. A good estate agent plays an important part, so when selecting your selling agent remember that they do more than just find a buyer. Some agents have a ‘sales progression’ department that focuses on progressing sales; Buyers who are using a buying agent will find this is the stage of the process that they get maximum benefit from being represented.
Step-by-step guide to selling your home
The prospect of selling your home can be daunting – more so if you are looking for another property to buy at the same time. The decisions you make along the way could save you – or cost you - many thousands of pounds. Here’s our step by step guide
Are you thinking of selling your home?
- Should you sell at all?
- Figure out your finances
- Decide if you should also look for somewhere to buy or rent
- Decide who will sell the property
- Decide what price to sell it for or take professional estate’s market appraisal on your property
- Prepare your home
- Put the property in the market with nice pictures, floor plan and description of the property.
- Viewing and expect the offers coming from buyers
- Accept an offer
- Appoint a solicitor or conveyancer Get free quote
- Fill out the relevant questionnaires
- Negotiate the draft contract
- Exchange contracts
- Move out
- Complete the sale
- Pay off the mortgage
- Settle with the solicitor/conveyancer and estate agent
Any queries, feel free to contact 99home.