Reasons why sales fall through
Some agents can’t tell you why sales fall through and will say it’s just one of those things.
A sale falling through is the saddest thing to happen to a buyer or a seller.
Hopes are dashed, dreams are undone and everyone is unhappy.
Some may feel they have dodged a bullet, others may feel let down.
What goes wrong?
The offer has been accepted, the Memorandum of Sale has been sent out, the board has been changed to SOLD, legal work has begun then………
- The buyer can’t get a mortgage to buy the property.
- They buyer’s lender won’t agree to lend on the property for some reason – most likely to be structural problems or issues with sanitation.
- They lender is happy but the RICS Surveyor finds faults in the property which will be too costly to put right or out of the buyer’s budget to put right.
- The buyer feels they have been misled in some way and no longer trusts the process.
- The buyer’s solicitor is not satisfied by the responses to queries given by the sellers solicitor and advises the client against purchasing the property for legal reasons.
- It turns out that the seller is not the legal owner of the property and can’t sell it.
- The buyer is in a chain and their buyer has pulled out of their sale for any one of the reasons 1-6.
- The seller changes their mind and decides not to sell.
- The seller is in a chain and the person they are buying from decides not to sell or their purchase is held up.
Sometimes more than one of those reasons occur in one sale. In long chains any link can break for any of the reasons above. When that happens, the whole chain falls to pieces and your sale falls through.
How to stop it going wrong?
Firstly, as an estate agent I do my very best to find out everything I can about any property I am selling. This means I can answer buyers honestly when they ask me questions at viewings.
If a buyer knows the facts and decides not to make an offer on a property that is a good thing. It’s much better than finding out basic facts later on and having to pull out of the sale.
Secondly, it’s important for everyone to be honest. A seller must say what they know and a buyer must not make an offer they know they can’t honour. Everyone in the chain should know who is selling to who and how certain each of those sales is to complete.
Thirdly, a good conveyancer can make sure that all the information needed by both parties is clear and has been verified. Responding to queries in a timely manner and keeping all parties informed of issues is very important too. See more about the work of a conveyancer here