Find out why over 300,000 house sales fall through annually and how you can avoid that happening, or work around the situation if it does arise.
Roughly 300,000 house sales fall through every single year. The most common reasons for this happening are issues with mortgages (no doubt made a lot worse since political decisions made about the economy in 2022) and unexpected issues coming up in surveys. When this happens it can be very scary. A lot of money and effort has gone into the transaction, not to mention the emotions and time of all involved.
The good news is that often a compromise can be made before everything comes to a complete standstill. Buyers and sellers can work hard to come to an agreement and help the transaction go through. If all else fails and the sale does fall through, the following tips can help you to get things looking up and back on track:
Don’t Discount What You Learnt
If the survey did pull up issues it is better to be honest about those moving forward, or consider rectifying them as an investment into the house sale.
Get Mortgage Savvy
If the issue was mortgage related on your side, it is important to know that times are very challenging and it is unlikely you did anything wrong. However, if you can get more mortgage savvy, particularly in keeping up with a very changeable financial environment, that will help you to avoid the situation or at least be aware of the different outcomes and how you might work around them if they occur.
If the sale of your home fell through, don’t just put it straight back on the market. Consider presenting it even more professionally, putting items into affordable self storage and staging it so that it appeals to as many different buyers as possible. Insist on fresh images being taken and used for the new listings.
Consider A Middle Ground
If you are able to continue to sell without a new place to move into, perhaps in a situation with a cash sale, utilise local self storage. You can move everything into the unit whenever you need to, for as long as you need to, for an affordable price. You can still move into your new place and have your old place on sale, or move into temporary accommodation whilst your old house sells and your stuff is safely in storage. It’s such a handy middle ground to have when you’re not entirely secure in your next move.
If you are looking to sell/ buy, making connections with local agents is a great idea because they have buyers and houses they know are coming onto the market that aren’t online yet. When your current situation goes a little bit wrong, speaking to different agents can be a fast-track to taking a new step to a new, and maybe even better outcome.
Things Are Looking Up
If you have gone through the ups and downs of the housing market, don’t worry, it’s hard but it’s not impossible to come through the other side with a good outcome. Soon enough, you’ll be moving towards a different future that seems a million miles away from your previous situation, and all will come good in the end.