The journey of buying or selling a property is often filled with anticipation and excitement.
However, it can also be fraught with unexpected challenges that might cause a sale to fall through.
As experienced local estate agents, we’ve seen our fair share of transactions fall by the wayside.
This article shares insights on why these issues arise but, more importantly, how to avoid them.
Financial hiccups
One of the most common deal-breakers is financial issues. This could be anything from a buyer’s mortgage falling through to unexpected costs cropping up. To safeguard against this, buyers should have a mortgage agreement in principle before making an offer. Sellers should ensure their agent conducts thorough financial vetting of potential buyers.
Chain pain
Property chains can be complex and fragile. If one transaction in the chain fails, it can have a domino effect. Keeping communication open and having an agent with a proactive approach can mitigate these risks. This is why chain-free buyers, who don’t have to sell a property to finance a purchase, are more attractive to some sellers.
Survey snags
Surveys can uncover potential problems, such as structural defects and electrical issues, which might cause a buyer to reconsider. As a seller, consider conducting a pre-sale survey to identify and address potential problems beforehand. Buyers should use survey results as a negotiation tool rather than a deal-breaker if they’ve got their heart set on a home.
Legal delays
Legal complexities can slow down or derail a transaction. Working with experienced, reliable solicitors who specialise in property law is crucial. Ensure that all your documentation is in order before going on the market, and be responsive to any requests for information from your estate agent.
Cold feet
Sometimes, buyers or sellers get cold feet. This is where the ‘contact sport’ element of estate agency comes into play. A good agent regularly contacts and reassures people involved in the deal, which helps keep everyone committed to the transaction.
Staying the course
Remember, knowledge is valuable in property transactions. By being prepared and aware of these common pitfalls, you can navigate the process more smoothly.
As your local estate agent, we’re here to guide you every step of the way, ensuring your property journey is as seamless and successful as possible.
If you’d like a free property valuation or advice about marketing your home, contact us here at Greyfox today.