It can be frustrating or even heart breaking if your house sale has fallen through at the last minute. You have set your eyes on your dream home, and you feel your dream slipping away.
Don’t panic. We are here to help if you need to sell your property fast, we can make you a cash offer allowing you to move on to next chapter of your life.
Why do house sales fall through?
A buyer is not committed to buy your home until he/she exchanges contracts. Reason for a house sale falling vary but can include:
- Buyer’s remorse – buyer feels that they have overpaid for your house, and after speaking to friends/family wish to reduce their offer once a sale has been agreed
- Buyer has changed his mind or seen another property such as a newly built home
- Property chain has collapsed
- Sale was not progressing quickly enough so buyer or seller can pull out
- The buyer couldn’t get a mortgage
- The buyer was gazumped with a higher offer
- Concerns raised in property surveyor’s report caused the buyer to pull out of the sale
How can I stop my house sale from falling through?
It is unfortunately not in your control to prevent a sale from collapsing as you will at mercy of your solicitors – who depending on their mood, competency and professionalism may be a saviour or a hinderance in the process. There are a couple of steps that you can take to ensure a higher probability of sale going through:
- Check the motivation of your buyer and their real reason for buying your home. If they wish to buy because it cuts down their journey time by 1 hour each day to work or to be closer to look after an elderly mum, then this is a strong motivational factor.
- Check their financial status – do they have a mortgage offer in place? Is it conditional based on further checks on their credit file? Have you seen proof of their deposit? Are they hoping to borrow their deposit from the Bank of Mum and Dad and if so, do mum and dad know this to be the case?
- Can they put down a non-refundable deposit to show their commitment? Your solicitor and estate agent will tell you that you can’t take a deposit – but surely, they can draft a contract to get both parties to sign?
- Is your buyer in a proceedable position? Any buyer that needs to sell their own property or yet to put up their property for sale isn’t proceedable. Why? Because there’s no guarantee that they will be able to sell their own home in order to buy yours. What you need is either a first time buyer or a buyer who is not in a property chain such as someone who has sold their own home and gone into rented accommodation whilst they search for their next ideal home. Don’t be convinced by your estate agent’s promise that they have found you a buyer and they will be able to sell their home in no time. They obviously want two lots of commissions and love building complex property chains.
- Most house sales collapse due to property chains. The longer the chain, the higher the risk. That is why we recommend chain-free buyers who are in a proceedable position both financial and emotionally. If you are stuck in a property chain, sell your current property and move into rented accommodation or better still sell your home to a professional property buying company for cash. Being a chain free buyer puts you in a stronger position.
- Lack of sales progression & communication – if a buyer feels that there’s little to no progress, their frustration can make them pull out of a sale. Even if you have a first-time buyer, their motivation to buy your home can quickly dwindle if they discover that you are in a property chain or your solicitor’s relationship breakdown with their solicitor. In our opinion, quite a lot of solicitors end up arguing or fighting over an email and build up a lot of resentment towards each other. Thankfully, we only work with finest solicitors with a lot of common sense, and a great approach for understanding the need for speed.
- Price to entice – a competitively priced property is likely to sell. If your buyer is getting cold feet, it is because he/she feels that your property is overpriced, and they don’t wish to be in a negative equity situation in a couple of years’ time.
- Overlooked maintenance tasks can make your property look neglected. It is best to resolve any outstanding maintenance tasks before you put your house up for sale. If any issues are identified on survey, it can be difficult to resolve and as your buyer will have paid for a survey, they won’t be keen to pay for another surveyor or change their mortgage lender.
What are my options if my property sale has fallen through?
If your property sale has collapsed, there are a couple of options available to you:
- You can put your property straight back on to the market – hopefully it will sell quickly to a proceedable buyer
- Get your estate agent to approach anyone who viewed to see if they are still interested?
- Consider selling your home to Property Saviour, a genuine cash house buying company.
What can I do if my house sale keeps falling through?
If your house sale has fallen through on more than one occasion, then it is best to get feedback. You want to find the root cause and address it. It could be purely bad luck or simply a coincidence. Check if your property is mortgageable as often surveyor find issues that can prevent a sale.
Speak to your estate agent to discuss reasons why sales have collapsed. What lessons can be learnt from this experience? If buyers have pulled out of the sale, what were their reasons? Was it your solicitor or estate agent that put them off?
Will I lose my new home if my house sale falls through at the last minute?
Any sale falling through is a distressing process, and it unlikely that just by putting your house back on the market will guarantee you with a proceedable buyer.
If you have made up your mind of buying your dream home, a genuine cash home buying company like Property Saviour can help. We use our own funds to complete any purchase within a couple of weeks. We can’t pay the full market value of a property because we as a business need to make a profit. However, we can give you certainty that sale will go ahead within your timeframe.
We can make you a cash offer within 48 hours of your enquiry. We will pay all your legal fees of up to £1,500. You can use your own solicitor if you wish. There are no estate agency or surveyor fees because you will be dealing directly with cash buyers. The price we offer is the price you will get – there will no last-minute reductions unlike our competitors.
Once you accept our offer, we will keep you updated throughout the sale process and ensure that we act pragmatically and decisively to deliver certainty and speed.
Property Saviour are known in the industry for our genuine reviews. We hope to deliver a first-class service so that you will leave us a review too!
Unfortunately solicitors will charge you abortive fees as they will spent time preparing your file prior to the completion of sale. You can avoid paying abortive fees by selling to Property Saviour as we will contribute £1,500 towards your legal fees.
If contracts have been exchanged and the buyer has put down a 10% deposit then theoretically you can sue.
However, you will be expected to pay around £300/hour litigation fee with no guarantee of success. This can run into tens of thousand of pounds, easily.