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Did you know that around 30% of home sales in the UK fall through? It’s one of the worst rates in the world and causes a lot of heartache.
Having plumped your cushions and tidied every day to prepare for viewings and find a buyer, watching your sale collapse can be a real blow, leaving you upset, out of pocket, and unsure of the future.
Here’s where having a great estate agent on your side can make all the difference, so join us for a peek at our process for agreeing sales correctly and managing them all the way through to completion.
We’re going to cover:
It’s all about laying strong foundations, minimising risks and maximising your chances of a smooth and successful sale. And with that in mind, your guide to avoiding fall-throughs starts right here.
With sales often taking months to complete, and either party able to withdraw without penalty before exchanging contracts, you’d think the system was designed for sales to collapse.
However, most buyers don’t simply walk away from their dream home on a whim. There’s usually more to it, and these are the reasons why most sales fall through, along with some ways around them.
In our experience, the strongest factors that hold a sale together are the initial setup and the way everyone is kept informed. These are non-negotiable, no matter what challenges a sale may face.
Most sellers we meet are unaware of the new Trading Standards regulations covering what needs to be declared when a home goes on the market. Here’s an overview of the required information:
Supplying all this information upfront reduces the risk of a buyer U-turning after a sale is agreed, and you can delve deeper into the subject with our Changes to Selling Homes blog.
Getting an offer on your home is exciting! However, every buyer and bid—whether you have one or many—needs to be thoroughly checked for credibility, paying particular attention to:
The best estate agents will speak to financial advisors, request bank statements, or ask for solicitors’ letters to check out funds, and get buyers to confirm in writing that no hidden obstacles or delays exist.
Boredom, uncertainty, impatience, annoyance… of all the reasons for a sale to fall through, these are the most frustrating and perplexing, but also among the easiest to avoid.
A brisk and transparent pace keeps buyers engaged, confident, and less likely to question their decision or look elsewhere, so use these tips to maintain momentum.
Before choosing an estate agent, ask them how they maintain contact throughout a sale. If their answer isn’t at least “a minimum of once a week, even if nothing’s changed”, you can probably do better.
Nobody dreams of getting involved in a chain, but given that around 75% of transactions involve one, they’re firmly entrenched in moving up and down the property ladder.
Nonetheless, as the number of homes in a chain increases, so does the potential for a sale to fall through, so it’s essential to follow a process to manage all the links effectively.
While you can’t control every link in the chain, you and your agent can be a positive influence on how it runs, significantly reducing stress levels and improving your chances of a successful completion.
If you’re planning to sell your home in Cheshire, we’d love to help you build a strong and resilient sale. One based on meticulous preparation, robust offer qualification, and continuous communication.
Call us on 01565 318 622 or message us at enquiries@lordandporter.com for a no-strings chat about selling your home, your next best step, and how we can make your plans happen together.