Why are 1 in 3 Property Sales falling through?
One in three Property Sales are likely to fall at least once before completion. The most common reasons for a house sale falling through are a change of heart or circumstance, buyer’s remorse, closely followed by a break in the “chain” and mortgage problems.
Lenders are also becoming more nervous because of uncertainty in the property market and so are rejecting more applications. Buyers may also have experienced an event in their personal life, such as their relationship breaking down or a redundancy, which makes the house purchase financially unviable for them.
In addition, there could be conveyancing issues and delays. The more delays you have, the greater the risk of something going wrong. Moreover, there is the possibility of “gazumping” (when a seller agrees to sell their home to one person but then suddenly changes their mind when a better offer comes along).
Finally, there could be the problem of a negative survey. Surveyors today are tending to down value properties due to the instability of the market. So, it’s crucial that your property is up to standard or is as advertised and is at a realistic market price.
To help prepare you property for sale, get in touch to discuss the best methods to achieve the sale.
Mau Investments
Property Solutions made easy.
dennis@mauinvestments.co.uk or Tel: 01 332981666
One in three Property Sales are likely to fall at least once before completion. The most common reasons for a house sale falling through are a change of heart or circumstance, buyer’s remorse, closely followed by a break in the “chain” and mortgage problems.
Lenders are also becoming more nervous because of uncertainty in the property market and so are rejecting more applications. Buyers may also have experienced an event in their personal life, such as their relationship breaking down or a redundancy, which makes the house purchase financially unviable for them.
In addition, there could be conveyancing issues and delays. The more delays you have, the greater the risk of something going wrong. Moreover, there is the possibility of “gazumping” (when a seller agrees to sell their home to one person but then suddenly changes their mind when a better offer comes along).
Finally, there could be the problem of a negative survey. Surveyors today are tending to down value properties due to the instability of the market. So, it’s crucial that your property is up to standard or is as advertised and is at a realistic market price.
To help prepare you property for sale, get in touch to discuss the best methods to achieve the sale.
Mau Investments
Property Solutions made easy.
dennis@mauinvestments.co.uk or Tel: 01 332981666
Posted: Sat 25 Nov 2023