Why do properties fall through? And what does that even mean? ❌
Buying or selling a home is a lengthy process with a number of different people and professionals involved. This means there are lots of things that can go wrong and cause a sale to fall through 🏡
Buying or selling a home is a lengthy process with a number of different people and professionals involved. This means there are lots of things that can go wrong and cause a sale to fall through 🏡
But why do house sales fall through exactly? The most common reasons are:
- The buyer changes their mind
- The buyer can’t get a mortgage
- Conveyancing delays
- A bad survey
- The buyer can’t sell their own property –a broken chain
- The buyer drops their offer at the last minute
The reasons are often influenced by the conditions of the housing market and wider economy at the time. A survey of fall through rates by Quick Move Now has found 50% of failed sales in 2022 were due to the buyer changing their mind or after an unfavourable survey. While another 30% of failed sales was due to difficulty getting a mortgage. With the current cost of living crisis alongside record high house prices, you can see why in buyers might reflect and reconsider part way through the process.
How do we stop this from happening?
Now sometimes this just can't be stopped as some of the above aren't avoidable!
But some are.................
Buying a house SHOULD take about four months, but you could find several months pass between an offer being accepted and keys changing hands. The longer it takes to exchange contracts, the more opportunity there is for things to go wrong. People can change their mind or find a better offer.