It's every home buyer's worst nightmare when a sale falls through, but what causes it? Our estate agents in Norwich will cover some of the most common reasons for a sale falling through in today's blog post.
A break in the chain
In most cases, house sales are part of a chain of other property transactions. One broken link in the chain can cause the entire chain to break, causing several other sales to fall through.
Many factors can cause this, but it can be avoided. It is important to work with the right estate agents in Norwich in order to avoid a disaster from happening.
Sometimes a sale falls through during negotiations. There may be demands that you are not prepared for. It's important not to get distracted by the smaller details during negotiations. Most problems can be solved easily.
The have been cases where we have seen a deal fall through because of negotiations, but in most cases, it can be avoided.
A successful negotiation requires good communication and occasional compromise.
An unexpected finding in a survey may cause the sale to fall through. It's one of the most common problems that estate agents in Norwich face.
Ensure that all necessary work has been carried out on your property and that you have records and certificates you can show potential buyers and their surveyors. A surveyor may assume that you have not completed the work if you do not have the paperwork.
Before proceeding with the surveying process, make sure you ask the seller if there have been any major changes made to the house. This could save you money in legal fees if the sale falls through.
|A change of heart
There are times when a sale will fall through because one party backs out. A life event may have caused them to change their minds or perhaps just their circumstances.
Preventing a sale from falling through
Being patient is the most helpful advice we can give as estate agents in Norwich. There is no doubt that negotiations are time-consuming and, at times, frustrating. Nevertheless, staying calm throughout the process and giving the other party some time can help prevent a deal from falling through.
Choosing the right estate agent in Norwich is perhaps the most critical thing you can do. Our team at Arlington Park has over twenty years combined experience helping buyers and sellers navigate the buying and selling process, managing chains, and ensuring the sale doesn't fall through.