When you've found your perfect home, and you've found a buyer for yours, it'd be easy to think that everything is done and dusted, but in some cases it's just not that simple. Sometimes sales fall through for any number of reasons, and when this happens, costs on surveys and conveyancing tend to be lost, and also there's the added frustration of wasted time and losing out on the home you wanted.
One way to avoid a sale falling through is to vet those making offers on the property. An offer of the asking price is not as attractive if the prospective buyer does not have their finances together; perhaps they don't have a mortgage offer in principle, perhaps there are complications with their deposit. A responsible estate agent will ask the right questions and vet the buyers they have on their books to reduce this risk.
There's a reason for the phrase “cash is king”, and when it comes to buying and selling a home, cash buyers can be very attractive since it often means they will be free of a chain. A chain describes the link between buyers and sellers that develops as their purchase or sale relies on another transaction. In practical terms, buying and selling a home simultaneously can be complicated, and the more parties in a property chain, the higher the likelihood is that you will need to have an experienced estate agent helping to move things along.
You could think about getting chain-free by moving into rental accommodation whilst you sell your property, or if circumstances allow, lodging with family. New builds, first-time buyers, and empty properties can be attractive as they mean there will not be an upward chain to contend with.
Most of all, it's important to do your part to help your transaction along. Get your mortgage in place, have your deposit ready as well as details on how this deposit was acquired – if it was a gift this will require further information. Work with good and proactive estate agents and solicitors, and keep on top of your paperwork.
If finding the perfect home does mean you end up in a property chain, at Rolfe East we have dedicated sales negotiators who work to keep a transaction progressing and increase the chances of a successful completion. Get in touch if you're buying or selling, we'd love to chat!