Posted on Friday, May 11, 2018
The last thing that you want to happen once you have found your dream home is to see a buyer walk away. In a market with such strong levels of demand, once the price has been agreed, you would expect any sale go through unhindered, but often a buyer will have to pull out, often due to a change in circumstance.
What can you do to protect yourself?
As the seller, you don’t want to waste valuable time and expense only to be let down at the last minute. So employ a local estate agent who has the knowledge and skill to recognise committed buyers from the start. Your chosen estate agent should have checked that the buyer has a mortgage offer in principle and a deposit in place, providing assurances that they are able to borrow the desired amount.
The buyers position is also something that will be checked by your estate agent. Chains containing three or more sellers are known to present a higher risk of a sale falling through if they are not managed properly. If your buyer is part of a chain, your agent should check the progress of this sale and continue to do so all the way through to completion.
What to do if the worst happens?
If you have already found your dream home then you will want to replace the lost buyer quickly, we suggest that you work closely with your agent to establish two key factors:
1. An accurate valuation: In a strong market the value of your property may have changed in the time that it was off the market. Seek the expert advice of your chosen agent and check the price against similar homes in your area.
2. Marketing: Does it need refreshing? Is the agent utilising all the marketing platforms available to them? If the property has been on the market for a while it may be time to refresh the photographs. Use floor plans, videos and more comprehensive information.
It is frustrating when a buyer pulls out of a sale. However, sometimes it can be for the best. In such a strong market, buyers can usually be replaced to recover chains quickly and often, an increase of 1% to 2% on the value on the resale price is achieved also! We will have detailed discussions with vendors to find out what is important to them. Each circumstance is different, so an appropriate strategy is decided individually on each case.
If you are hesitant about stepping out onto the open market and you have queries like these above. Please do contact us on 02476 374949 or 02476312379 and we would be happy to answer any questions.