Fall-Throughs: Everything You Can Do to Prevent Them
How can sellers minimise the risk of their property sale falling through? Here are some tips for keeping your sale on track.
What Exactly Is a Fall-Through?
A fall-through is a situation where a buyer has agreed to buy your home but pulls out before the sale becomes final.
Why Do Fall-Throughs Happen?
Sometimes, buyers change their minds, or there is a shift in their circumstances. On other occasions, there can be issues with surveys or mortgages that mean the buyer can't proceed with the purchase. Chains - where several property transactions need to go through simultaneously in order for any of them to proceed - can also cause a fall-through.
What You Can Do to Minimise Fall-Throughs?
Get the Asking Price Right! Setting the right asking price is an important first step. This will not only give your sale the best chance of completing successfully, but it will also help attract the right buyer in the first place.
Get Your Home Ready for Sale
Make sure your property looks its best so buyers will be eager to make it their home. Sort out any snags – such as a dodgy roof, leaking gutters, or unsightly damp patches – that could hold things up later.
Prepare Your Paperwork
Compile all the information a prospective buyer might want to know. For example, details of where your boundaries are or any alterations or improvements you've made, such as an extension, a new boiler, or windows.
If your property is leasehold, ensure you have details of the lease, ground rent, or any service charges you pay. You'll be asked for this information during the conveyancing process, so having it ready now can help speed things up later.
Pick the Best Buyer
If you receive several offers for your home, pick the buyer who is best placed to go through with the transaction and the most committed. There can be advantages in selling to first-time buyers, cash buyers, or buyers who aren't in a chain. Otherwise, choose a buyer who has already sold their home or at least has it on the market.
Choose the Right Conveyancer
The quicker your sale completes, the less opportunity there is for it to fall through. Try to use a solicitor or conveyancer with a reputation for working efficiently. Rather than selecting a solicitor or conveyancer on price alone, read their reviews. Also, consider how quickly they deal with your initial enquiry. If they're slow to respond, it doesn't bode well.
Answer Queries Accurately
At some point during the selling process, your solicitor will have questions about both you and your property. Many of these will be raised by the buyer's solicitor and directed through your solicitor. There could also be queries from other parties like your mortgage lender.
Answer these queries as accurately and quickly as you can.
Ask Questions
If you sense that your sale could be running into problems, don't be afraid to try to find out why. There may be something simple you can do to rescue the situation and avoid a fall-through.
Don't Be the Reason for the Fall-Through
Although fall-throughs are often thought to be the buyer's fault, the issue can sometimes lie with the seller. Ensure you really want to move. Know where you want to move to and what you want to buy next (if applicable). Understand what price you could achieve for your home, what you are willing to accept, and your budget for your next home.
How Estate Agents Can Help
Minimising the risk of fall-throughs starts at the beginning of the home selling process – with choosing the best estate agent to market the property. A good estate agent can advise on pricing and finding the best potential buyers. They will not only find a buyer but also take sales progression seriously and help smooth the process at every stage.
To get advice about the best way to market your home - and for a free market valuation and appraisal - please contact us today. We hope you've found this insight useful. If you know someone who is thinking of moving, please share it with them.