10th Jul, 2018
It is everyone’s nightmare when through no fault of your own, a house sale falls through because the buyer or seller backs out.
You feel as if you have to start all over again, and this can be especially exasperating if you have already secured a new property, and this is preventing you from moving in to your dream home.
In England and Wales, both the seller and purchaser are completely free to pull out of a house purchase, without penalty, until the day that the contracts are exchanged. Sometimes there is simply nothing you can do about it, but in some cases, there are a few next steps you can take…
Usually the estate agent will have contacted you to let you know the sale isn’t going through, and they are the perfect person to quiz and find out why. It may be that the chain has collapsed, or you have been gazumped (the seller has accepted a higher offer from another buyer), or they may have simply decided to take their property off the market altogether. Whatever the reason, there may be an action you could take to rectify the situation.
If there is any chance that you can get the sale back on track, now is the time to really think hard about how much you want that house, and whether you are willing to compromise. Are you willing to be flexible on your moving dates? Or are you able to make a higher offer? Think carefully!
If there is nothing at all you can do to proceed with the sale, it is time to begin your search all over again. This can be hard, because the home you have put an offer in for may have been your dream property, and it can be really easy to worry that you wont ever find anything like it again! So, stay objective and consider the pros and cons, which will help to inform your new search. There are thousands of houses out there, and the chances are that you will find one that you love even more!
It is a good idea to keep in contact with the estate agent that you have been dealing with. They will be able to point you in the direction of other properties on the market that are similar, and alert you straight away of any new listings.
If you haven’t already, get your mortgage offer in place and your deposit funds readily available, as this can really speed up the process if you find another home – you could be in a new place quicker than you think.
It is definitely hard to think this initially, but it isn’t all bad news when a sale falls through. It will feel as if you have wasted lots of money and months of your time, but it may mean that you are steered to an even better, more perfect property for you.
There may also be next steps you can take to get the sale back on track, so if you hear those dreaded words, don’t panic and make sure you ask the right questions.
Whether it is the first house your offer is accepted on, or your second, it will all be worth it when you are moved in and starting the next chapter of your life.
If you are currently on the lookout for a new home, or looking to put one on the market, get in touch with one of our helpful sales team and see how we can help you.
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