Studies indicate that buying or selling a home is one of the most stressful things you will do in life. This makes sense and a lot of the pressure is down to the fact that so many things are out of your control. If you have been involved in a property sale that has collapsed through no fault of your own, it is natural that you will feel a range of emotions. You may be frustrated, you may be angry or you may be ready to stop trying; and frankly, no one would blame you.
However, there are some issues that are more likely to cause a property deal to fall apart. While many of these things are outside of your control, there are steps you can take to minimise the likelihood of these incidents occurring.
Property deals collapsing can change your life
NAEA Propertymark surveyed the members to list issues that harm or collapse a property sale, and the following issues were the most commonly cited reasons:
- The buyer showing remorse or changing their mind
- The solicitor not doing the work that they should to ensure the deal progresses
- Delays in the chain
- Gazumping
- Minor disputes
Obviously, there are some things that you cannot do much to alter. If a property deal two or three deals up or down the chain from you collapses, it may be that you can do nothing but take it on the chin.
However, with respect to some of the other issues, you can make a difference. When it comes to minor disputes, be clear on what you need to get in your favour and then consider what you are willing to negotiate on or even walk away from.
Focus on what is important to you
This isn’t a sign of weakness or desperation, it shows that you are focused on closing the deal. If there is something that you need or a price point that you will not negotiate from, make sure that you stick to this aim. For anything else, if you show you are willing to be flexible, it becomes easier for all parties to give a little to gain a lot.
Similarly, when it comes to solicitors, there is work you can do to minimise the likelihood of receiving bad service. Carry out research and only enlist the services of a trusted solicitor with a formidable reputation. If you choose someone you feel you can trust, you are more likely to receive a suitable standard of service.
The Chief Executive of NAEA Propertymark, Mark Hayward, said; “Around a third of property transactions fall through between the offer being accepted and the exchange of contracts. So, concerns from buyers and sellers that this will happen to them are entirely justified and stem from the fact the home buying and selling process are outdated. We know the issue is high on the Government’s agenda, but it does need urgent reform to give buyers and sellers peace of mind when they enter a property transaction. There are several things you can do to try and avoid your sale falling through though. For example, use a Propertymark Protected estate agent who will guide you through the process and help you navigate any unexpected events.”
As Stockport property specialists, and a Propertymark estate agent, and we are always here to help. Give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html