What to do if your buyer pulls out a property sale!
Top Tips For Sellers
Selling your property isn’t always as straightforward as you may like. Unfortunately, an unpleasant situation that sometimes happens is that a buyer pulls out of the process, letting the seller down and causing stress and upset to the rest of the chain. Here, we bring you some advice, based on our experience, about how to deal with this frustrating situation should it happen to you.
Find Out Why The Buyer Has Dropped Out
There are several reasons why a sale may fall through. Gazundering is a particular problem, whereas sometimes buyers have a financial issue or a change in their circumstances that means they’re no longer in a position to buy. However, in some cases, the issue will be down to the survey. It’s important that you find out the reasons for the sale falling through and then address it immediately.
For example, if there’s a damp problem that’s putting off your buyers, get some reports done so that you can present future prospective buyers with the information upfront. Depending on the cost of rectifying the problem, it may be worth simply arranging for it to be fixed so that your next sale doesn’t fall through too. However, if the expense will be too high, adjusting your asking price may be more appropriate.
Don’t Rush Into Dropping Your Price
It can be tempting to drop your asking price if your buyer pulls out, but don’t rush into anything. There’s no need to take your home off the market either unless there’s a significant issue that will take time to address. When the reason for an offer being withdrawn relates to the property itself, it’s important to recognise that the issue isn’t actually the asking price. It’s only worth dropping the price if you cannot correct the issue so that the buyer has some financial room to address it themselves.
Pre-empt Potential Problems
It makes sense to ensure your home is in top condition before listing it on the market to avoid any potential issues that may derail any sale. If you’re lacking any documentation, for example, this could be a sticking point that could cause a prospective purchaser to bail. Therefore, make sure you’ve got all your paperwork in order before your first viewing.
Choose A Reliable Estate Agent
If a sale falls through, you need to be sure that your estate agent knows the best course of action to take. Using a local, capable, and knowledgeable estate agent with the skills to react quickly to any problems that arise is crucial. For example, agents should always check that your buyer is financially pre-qualified before they advise you to accept an offer.
No sale should be agreed upon until pre-checks are carried out and come back clear. At Lyss Homes, we make sure that we do everything possible to minimise the possibility of your property sale falling through, and are always on hand to support and advise you.
If you’re selling your home, make us your first port of call. As experts in the local property market in East London, you can rely on us to handle your sale professionally and efficiently. Call us now on 02080505452 or send us an email at info@lysshomes.co.uk.
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