WHY WOULD A BUYER NOT BE INTERESTED IN BUYING YOUR PROPERTY OR WITHDRAW THE OFFER THEY MADE?
Thinking of buying or selling your property? Have you considered the pitfalls and the obstacles that prevent transactions from completing, or even being agreed!
Everyone sets out to buy or sell with the greatest intentions; some with previous experience and some without. Unfortunately, there is no rule book. Buying or selling can be daunting and a very stressful process from start to finish. As an Estate Agent we can help manage many difficult situations or maybe prevent them from becoming an issue. However, if there is something wrong with a property (as there is with most houses) we are able to help and guide clients through the process. We can arrange further reports, obtain costings and help both parties re-negotiate to a suitable compromise whilst keeping the sale moving forward.
The market is stronger than it has been for many years. Since the property crash in 2008, prices have increased rapidly, buyers and sellers make fast decisions which can create ‘buyer’s remorse’ and increase fall through rates. Therefore, being prepared and having your property ready and in good condition, with all the relevant documentation and certificates, will demonstrate that the product you are selling has no hidden surprises. Cheap can mean expensive in the long run and if a sale falls through there is the emotional disappointment, financial loss, and the horrible feeling of having to start over again and prepare your property for viewings.
Let’s take a look at what kind of issues could be a ‘deal breaker’ and at what point can a potential sale go wrong for you.
What kind of things can actually prevent you from finding a buyer?
- Presentation is key and you only get one chance to impress, so spending time getting your property ‘market ready’ is invaluable.
- Many buyers will make quick judgements based on what they see on the internet so make sure you have nice images.
- Make dark rooms look lighter with white paint or a mirror that reflects the little light there is.
- Tidy cluttered or untidy rooms.
- Scruffy gardens and paths full of weeds can really put buyers off.
- No parking, or no mention of parking in the initial description turns buyers off very quickly.
- Gardens not facing a sunny aspect. Try and take photos on a nice day so that this doesn’t look so unattractive.
- Bad smells and damp in a property is a big ‘no’ for buyers.
- Kitchen not big enough for a table? Try and have an alternative dining area if you haven’t already.
- Do you live at number 13? You may want to think about changing it to 12a!
What kind of problems can stop a transaction after a sale has been agreed?
- Poor surveys probably equate for the majority of aborted sales or a surveyor down valuing the house price. This is where even the most experienced Estate Agent has little control, however, we work for the Vendor and it’s about not always putting your eggs in one basket. Keeping a reserve buyer interested and aware if a buyer withdraws, can protect our client. We can also help by chasing both solicitors, passing on and obtaining information for speed, keeping all parties up to date and dealing with other Estate Agents in the chain.
- Mortgages are the main source of funding and there are very few full cash buyers. A mortgage lender may insist on their own reports and a full home buyers survey or certain insurances if documentation is not satisfactory (which is an added cost for the seller). A mortgage offer may expire and not be extended meaning that the buyer would have to go through the credit process again. This can take time which can put a potential buyer off.
- Short leases can also be an issue which is something that a buyer may not have been aware of when making an offer, and consequently, the buyer, lender, or both may have an issue and withdraw if the lease cannot be extended.
With some careful planning and preparation, a lot of the problems can be avoided so why wait? Deal with these issues now!