Selling a property is an emotional roller coaster for both the buyer and the seller. Sam Funnell from Fine & Country Rugby discusses how to move forward after a sale falls through.
Having a property sale fall through can be disheartening. It’s hard to regroup after months of preparing, holding open homes and the excitement of finally receiving an offer, when you then lose it. When a sale falls through, it doesn’t mean you won’t sell your house – but it is time to take a breath and consider some options.
The starting point is to identify why the sale has fallen through. This may be something you have no control over that has nothing to do with your property. There are, however, some causes that can be addressed.
One of the most common causes is the identification of a problem by the buyers’ inspector. The obvious response to this is to get it fixed so that the same issue won’t occur with new buyers. Alternatively, you may consider reducing the price to compensate for the buyer undertaking the work. It may be possible to renegotiate a contract if you are prepared to compromise. To avoid this kind of problem in the future, get a pre-listing inspection, which averts this kind of nasty surprise.
A contract subject to finance is also not assured until the lender has assessed the value of the property. If this assessment comes in well below the asking price, the buyer may not receive the required amount to complete the sale. In this case, a reassessment of the asking price may be necessary. If you can’t afford to drop your asking price, you may need to take your home off the market until property prices rise again.
There are other times when taking the property off the market is the best response. If winter is approaching, it may make sense to hold off until the peak buying seasons, when there are more buyers on the hunt.
If your home has been on the market for a long time, you might feel you need a break. It also stops the listing becoming stale and gives you an opportunity for a refresh. Using that time to update the property and reconsider the marketing plan can be a valuable strategy. Seek feedback from your agent as to how potential buyers have responded to the property. There may be small adjustments that will make a big difference to the property’s appeal. If you are re-launching your property, getting a new set of images is useful to refresh the presentation.
Whatever you choose to do, don’t be disheartened. A new buyer will come along, so keep the faith and talk to your agent about what your next steps should be.
For advice on selling or buying property, please contact Fine & Country Rugby on 01788 820062 or visit www.fineandcountry.com