Recently, many homeowners have experienced the ongoing problems that come with a property chain collapsing as result of the Coronavirus Pandemic, as well as from several other associated issues. This can leave the seller in a difficult and stressful position, especially if you are part of an involved and/or complicated purchase chain.
That is why the team here at White Horse Surveyors have put together the following article, to explain what you can do to anticipate this situation and any actions you should take if your property sale does end up falling through.
Communication is Key
Once the buyer puts forward an offer, make sure to stay in regular contact with them throughout the process. This way, you can spot any early signs of the sale collapsing and have more time to make all the appropriate preparations. The news will also come as less of a shock this way.
If you are part of a larger chain, make sure that you also keep them up to date on the situation. Buying and selling property can be a delicate process and good communication is essential to keep the chain secure until a new buyer has been found.
Keep Your House on the Market
Once you have secured a prospective purchaser, you may want to leave your property on the market for security purposes. This means that if the sale does end up falling through then you have a host of other potential buyers to make an offer.
Furthermore, the buyer may also see this as motivation to not delay or hold up the chain and ultimately proceed (or not) with the purchase. This is especially useful if you need to sell the property in a relatively short space of time.
Plan for All Eventualities
There are many reasons that a buyer may pull out of a sale, whilst it is impossible to prepare for all these circumstances, there are several steps you can take to account for some of the most common ones. This includes:
- Property Survey – Some purchasers will not proceed based on existing defects. Requesting a property Survey early in the process can help to minimise this risk.
- Mortgage Offer – Make sure that your buyer has been offered a Mortgage in Principle. If they have not, it could lead to a collapsed sale later in the process.
- Property Chain – As we have previously mentioned, communication is essential to a successful property chain. Make sure that all appropriate parties are informed of key developments as soon as possible.
Look at The Current Market
Lastly, you should always take the time to assess the current state of the property market before joining a complicated property chain. The nature of the property market means that any major political events will have a significant impact on the overall stability of the transaction.
This is also the case for any local issues that may affect the sale of your property.
If you are about to move home and require impartial advice on your best course of action, please do not hesitate to contact our team of experts for an in-principal discussion.
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