What to watch out for
Moving house is commonly known as one of the most stressful experiences one can have in their lifetime. The excitement that comes with receiving an offer for your house or having your offer accepted on a dream property can feel like things are finally falling into place.
However, the fear of a property transaction falling through is a nightmare that nobody wants to experience. Not only is it an inconvenience, but it can also cause severe financial devastation. Unfortunately, this scenario occurs more frequently than anticipated, and sometimes there is nothing one can do to prevent it.
Below is a list of 5 reasons, not in order, why your house sale may fall through, prepared by Moovingo
Buyer or seller pulling out
Sometimes, property transactions can fall through because of nothing more than a change of heart or personal circumstance. Either the buyer or the seller may pull out of the transaction and this can leave you without a property to buy or a purchaser for your property. There are various reasons why people pull out of property transactions and, unfortunately, it isn’t something you can predict. This decision also has the ability to affect a whole chain which can be even more frustrating.
Gazumping and Gazundering
In short, these terms are two sides of the same coin, one is initiated by the seller, while the other is brought about by the buyer. Gazumping happens when the seller of a property is offered more money for their property by another new buyer. Gazundering, on the other hand, is where the current buyer lowers their offer for the property they are buying, often right at the last minute. Both of these situations can be incredibly infuriating and it is a shame to say that they do actually happen.
People can get really impatient when it comes to moving home and there is often a lot of pressure on your solicitors to get the transaction completed as quickly as possible. Sometimes, people can get fed up of waiting and will decide that enough is enough. Slow conveyancing can be caused by a number of things, some of which being foot-dragging by one of the solicitors, search companies or surveyors. In this situation, all you can do is chase and push the process along.
Not getting a mortgage
Contrary to popular belief, being pre-approved for a mortgage does not necessarily mean that your financing will go ahead. If you are given an agreement/offer in principle by a lender this doesn’t mean anything is set in stone and details have not yet been finalised. Sometimes, lenders change their mind over a mortgage and there are numerous reasons why. The only thing you can do is try to get a mortgage from another lender.
Having a survey conducted is essential if you want to protect yourself from buying a property with problems, so it is not surprising that they can sometimes be the cause of house sales falling through. Other than finding issues with the property itself, sometimes things such as missing planning permission for extensions, rights of way, outbuildings, chimney removals etc. can cause a sale to fall through.
Dealing with sales falling through
Although the situations mentioned above may be out of your hands, there are some things you can do to help prevent them from happening. Two things that can make a huge difference is the Estate Agent and solicitor that you choose. Working alongside reputable, experienced and honest companies should help you to avoid some of the reasons why a house sale may not go through.
If you need any advice on selling your house please don’t hesitate to contact Moovingo. We are an experienced online Estate Agent (that provide the same full personal service) that can assist you with selling your house privately in Ireland. Our friendly team will gladly answer any questions that you have about how to sell your property and the reasons for sales falling through mentioned above, as well as providing you with any additional information that you may require.