What Happens if My Property Sale Falls Through?
ShareSelling a home can be an exciting event, particularly if you’re ready to move on to a new chapter in your life. However, the process can also be stressful, especially when there’s a risk of the sale falling through at any point up to completion. In the UK, nearly 30% of property sales fail, leaving sellers facing uncertainty, delays, and even financial losses as a result. Read on to find out what can happen and how you can minimise the risk, including opting for a Balgores Secure Reservation Agreement for greater peace of mind.
Why Property Sales Fall Through
There are many reasons why a property sale could fall through, ranging from a change in the buyer’s personal circumstances to issues with the property itself. Some of the most common include:
- Mortgage issues. Buyers may struggle to secure a mortgage on the property, or their lender may withdraw their offer.
- Gazumping. This happens when a seller agrees to an offer but later accepts a higher offer from another buyer.
- Survey problems. Structural issues identified during a home survey can cause a buyer to pull out if they’re unwilling to renegotiate.
- Chain complications. A complex chain with multiple buyers and sellers can cause delays or even collapse completely if one party experiences a problem.
- Buyer changing their mind. Sometimes, buyers simply change their minds, often due to their personal circumstances or financial situation.
What to Do if Your Sale Falls Through
If your property sale does fall through, it’s important to stay calm and in control of the situation. The first step to take is to find out exactly why the buyer pulled out, as this will help you decide on what to do next. Speak to our estate agents at Balgores Ongar for advice on whether the issue can be resolved or if you need to relist your property. You should also review any contracts and deposits to help prevent financial losses and protect your interests.
To reduce the risk of your sale falling through again, consider using Balgores Secure, a Reservation Agreement that provides both buyers and sellers with greater certainty, ensuring a smoother, less stressful process. Balgores Secure means our fall-through rate is just 2%, compared to the national figure of nearly 30%, giving you peace of mind throughout the selling process.
Contact Our Experienced Estate Agents
If you’re planning to sell your home in Ongar or elsewhere in Essex, get in touch with our experienced estate agents today. With expert guidance from our team and the security of a Balgores Secure Reservation Agreement, you can minimise the risk of your sale falling through, ensuring the process is as smooth as possible from start to finish.