Did you know that a quarter of property deals never make it to completion?
Yep, that’s right.
One in four sales (24.3%* to be precise) fails to get over the finish line.
Now, we’re not telling you this to put you off buying or selling a home (we are estate agents after all).
Instead, we’re asking you to take this statistic and flip it on its head.
If 25% of sales fall through, that means 75% of deals complete successfully.
So what are those people, the happy ones who have moved on to the next chapter of their life in their dream home, doing right?
Here are some constructive ways you can keep a property transaction on track.
As buyers and sellers both play an important role in preventing fall-throughs, we’ve included tips for both parties.
Prepare
If you’re a buyer who’ll need a mortgage to fund your purchase, do your homework. Have a mortgage-in-principle before you start looking at properties so that you understand your budget.
Sellers should have all the relevant paperwork for the property ready from the outset. Have Energy Performance Certificates, leasehold details (if relevant), building regulation approvals and warranties (for windows, alarms and boilers) together in one place.
It’s also helpful to have a solicitor (choose wisely, go on track record and reviews, not just price) in place at the start of the process.
Communicate
Failing to respond to queries promptly can lead to frustration and doubts. The other party in the transaction may start to question if you’re really serious about seeing the sale through.
So be responsive and proactive. If it feels like progress has stalled, talk to the agent or reach out to the other party to explore ways to get things back on track.
Be realistic
Most property sales take longer than expected, and can have ups and downs, so patience, resilience and realism are required. Many legal checks need to take place, and if you’re in a chain many parties could be involved. The majority of sales do get there, so keep the faith.
Draw on your agent’s expertise
You may have to make some important decisions on your property journey, but you don’t have to make them on your own.
Whether it’s choosing which buyer to go with, or dealing with issues raised in a buyer’s survey, your agent can help. They can provide valuable perspective and market insight to help you make the right decision.
If you’re looking to buy or sell, we can help you turn your property goals into a reality. Call us today.
