What comes next if a sale falls through
When you sell your home, the expectation is that it will be as straightforward as allowing people through, the auction or sales negotiation and then settlement to free you to move onto your next property. But what happens when all doesn’t go according to plan?
There are times during a property sale when the potential buyers will go through the motions, their offer will be accepted, reports and contracts prepared and then the sale will be withdrawn.
There are several reasons that a property sale may fall through including results of pest and building reports, buyer finance may fall through, or the valuation is vastly different from the sale price, or the buyer may have a change of heart.
Some of the key considerations to help reduce the likelihood of a sale falling over include.
Ensure the property is in good repair
Prior to listing the property, our sales agents will draw your attention to any work that may need to be carried out. If you also arrange pest and building inspections for the sale, this will alert you to any concerns that may be raised regarding the condition of the property and allow you the opportunity to disclose these prior to the sale.
Is your agent a good communicator?
Your sales agent should be a great communicator and someone who is experienced can usually spot early signs of a potential buyer that may not be genuine or have all their checks and balances in place to ensure a successful sale.
A good agent will communicate with you throughout the sales campaign and contact you straight away if there are concerns with the sale so that they can be addressed.
They will also have a backup plan and a database of qualified buyers to contact should the initial sale fall through, and they need to work with another purchaser to get the sale through.
Ask for a 10% deposit
If a property is auctioned, the 10% deposit needs to be paid on the day the hammer falls, however in a private treaty sale, the deposit will need to be paid once negotiations are successful and an offer is accepted.
If you have concerns or questions about what comes next if a sale falls over, talk with one of our experienced agents who can help.