what to do if a house sale falls through

What To Do If Your House Sale Falls Through? 

In an ideal world, the selling process goes something like this: you decide to move; put your house up for sale; find a buyer quickly; agree a timeline; and move into your dream home. 

But the reality is often very different. 

In fact, according to a recent survey by Which?, more than half of property sales in the UK fall through. That means that 50% of people have to start all over again adding stress to an already stressful process. For many, it also throws plans into turmoil — dream job offers put on indefinite hold, spiralling debts through a lack of equity, and inherited home hassles to name just a few. 

So it begs the question — why do property sales fall through so frequently? 

Reasons range from the expected to the unpredictable — it’s a game of chance. We’ve outlined the most common reasons for you below: 

  • Brexit: The B word —it’s dominated the political narrative for over 3 years although there is now light at the end of the tunnel with Boris Johnson’s assurances that we are definitely leaving Europe by December 2020. But with so many unknowns and differing expert opinions in terms of what Brexit will actually look like and how it will affect the economy, the property market remains uncertain with buyers still waiting to see the effect on property prices. And who knows when that will end. 
  • Buyers: Buyers can be as fickle as the weather, one minute they love your property, the next they’ve had a change of heart, can’t secure a mortgage or other parts of the property chain have fallen down. The issue is that you have no control over the buyer until you have legally-binding contracts in place — and that usually takes a few months from an offer being accepted. So you essentially just have to hang tight, cross your fingers, and hope for the best.  
  • Surveys: Sometimes as unpredictable as buyers, surveys can reveal issues with your home that you never knew were there. If it’s a big enough problem then it can mean that the sale will fall through. 
  • Negotiations: Fixtures and fittings can become a deal breaker for some. The buyer wants the wardrobe. The seller wants to take it. The buyer wants the curtains. The seller wants to take them. Playing hard ball on small details can lead to a buyer just walking away and finding another property. 

After a setback, it can be hard to find the motivation to sell again especially with the lack of certainty and fees that you could be liable for again (mostly legal and conveyancing).

But are there other options to selling on the open market? 

If you need a quick, guaranteed sale, then you need to think outside the traditional open market box and look further afield. In other words — cash buying companies

Property buying companies are ready to buy — there’s no middle man estate agent or property chain to contend with, instead they are the buyer with immediate access to funds. You don’t need to waste time, money nor energy getting your home ready to sell either, as they’ll buy as seen. Plus, the price you agree is the money that you’ll receive as there are no selling fees to consider. The only difference with selling on the open market is that you’ll probably have to accept slightly less than market value for your home, as they need to make money when selling it on once they have renovated — but for many it’s a compromise well worth making to make sure their life isn’t on hold. 

Choose a company carefully though: Research their reviews, make sure they have local knowledge, and don’t be forced into any contracts. We’ve written a blog on how to choose the right property buying company that runs through this in more detail. 

If you live in Hull or East Yorkshire and need to sell your home quickly, then call us on 01482 655346 and our team will run you through our options. 

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