11th August 2020
Property sale fallen through? Here are 5 recovery tips to help you move on
There is nothing more disheartening than when a property sale falls through. Thinking that you’ve secured a buyer, but then they pull the rug from under your feet…sometimes at the final hour! And it’s even more of a blow if it effects your onward purchase.
Recovery when your house sale falls through
Unfortunately, house sales fall through from time to time, but we’re here to help turn things around and help secure a new buyer – FAST! Here are our 5 recovery tips to get you back in the game, find a buyer for your property and help you move on.
Hold your nerve on the price
Don’t be tempted to drop the price. Most sales fall through because of personal circumstances, not because of the price.
Unfortunately that is particularly true right now, where potential buyers’ incomes may have been affected by job loss or other change in circumstance.
So hold your nerve. If you have a clear idea of your home’s value then keep the price as it is.
Consider a bridging loan
If you’re also in the process of buying a house, and are concerned it’s going to sell quickly, you can consider a bridging loan. A bridging loan is a short-term loan specifically designed to ‘bridge the gap’ between buying a new home and selling your existing one.
It can be a good option if there’s an urgency to get into your new home, and relieves some of the pressure from finding a quick sale.
Get it straight back on the market
It’s best not to delay. Get your property straight back on the market. The good news is that the housing market is extremely busy at the moment, so make sure yours is visible online.
While you’re doing that, consider whether you could update the photos on your listing to make it more attractive to prospective buyers.
Make use of Home Buyers Protection
If you were covered with Home Buyers Protection Insurance then you can recover costs that you incurred during the sale process. Depending on the cover you have, this could include costs like conveyancing, surveying and valuation fees.
Consider the costs
If the sale has fallen through because of a more significant issue, such as a negative structural survey, then consider the costs of rectifying these issues before re-listing your property, or adjust the price to reflect the work that needs to be undertaken.
If the results of a structural survey were enough to put off one potential buyer, then they ought to be dealt with to make your home an attractive prospect to other buyers.
At Matthews of Chester we have decades of experience helping Chester homeowners sell property and find their perfect home. Speak to our team today to see how we can help you get your property back on the market.