A sale falling through is any home buyer’s worst nightmare, but what causes it to happen? In today’s blog post our estate agents in Newcastle will go through some of the most common reasons for a sale falling through.
A break in the chain
Most house sales are part of a chain of other property deals. If just one part of the chain breaks, in can cause the entire chain to break causing several other sales to fall through.
The causes of this can be many and varied, but it can be avoided. Working with the right estate agents in Newcastle is the first step to avoiding a disaster.
It is common for a sale to fall through during the negotiation process. You may face demands that you don’t expect. It’s important not to get carried away with the smaller details during the negotiation. There is usually an easy fix.
As one of the leading estate agents in Newcastle, we have seen many negotiations end with a deal falling through but in many cases, this can be avoided.
Good communication coupled with the occasional compromise is key to a successful negotiation.
If something unexpected is identified in a survey, it may cause the sale to fall through. In fact, this is one of the most common reasons that estate agents in Newcastle encounter.
It is very important to ensure all necessary work has been carried out on your property and you have records and certificates to give a potential buyer and their surveyor. If you don’t have the paperwork, the surveyor will assume that the work has not been done.
If you are a buyer, make sure you ask the seller if they know of any major works that have been carried out on the house before embarking on the surveying process – it could save you money in legal fees if the sale falls through later down the line.
A change of heart
Sometime, a sale will fall through simply because one party decides to back out. Perhaps due to an event in their life or just because they changed their mind.
Preventing a sale from falling through
As estate agents in Newcastle, our advice is to be patient with the process. Negotiations can be time consuming and, at times, frustrating. But remaining calm through the process and allowing the other party to take their time can help prevent a sale from falling through.
Above all else, picking the right estate agents in Newcastle is perhaps most important. Here at Seven Keys, we have over a decade experience guiding buyers and sellers through the process, managing chains and ensuring sales do not fall through by being with you every step of the way.