When embarking on the journey of selling your home, the expectation is often a smooth process—welcoming potential buyers, engaging in negotiations or auctions, and eventually reaching a settlement, enabling you to transition to your next property seamlessly. However, the process of buying and selling properties don’t always unfold according to plan.
There are instances during a property sale where potential buyers express interest, offers are accepted, and contracts are prepared, only for the sale to be unexpectedly withdrawn. Various reasons contribute to such setbacks, including unfavourable pest and building reports, buyer finance falling through, significant disparities between the valuation and sale price, or simply a change of heart on the buyer’s part.
To mitigate the risk of a sale falling through, several key considerations should be taken into account.
Prior to listing your property, our sales agents will diligently assess its condition, highlighting any necessary repairs. Additionally, arranging pest and building inspections can reveal potential concerns, affording you the opportunity to address them proactively before the sale process.
In addition, effective communication is pivotal in a successful sale. Your agent should be able to spot early signs of a less-than-genuine buyer or identify potential hurdles. They will also maintain open communication throughout the sales campaign, promptly addressing any concerns that may arise. They will offer you contingency plans and a database of qualified buyers to engage if the initial sale encounters obstacles.
Lastly, for auctioned properties, a 10% deposit is required on the day of the auction. In private treaty sales, this deposit is paid upon successful negotiations and acceptance of an offer. Seeking a 10% deposit ensures a level of commitment from the buyer, and in the event of a sale falling through, it provides a financial buffer.
If uncertainties or questions arise regarding the next steps in the event of a failed sale, our experienced agents are available for consultation. We aim to provide guidance and support throughout the real estate process, making it as smooth and stress-free as possible.