What happens when your sale falls through?

Here's what happens when your sale falls through...

A failed property sale can be a gut-wrenching experience, especially if you’re under pressure to move quickly or part of a delicate chain. But a sale falling through doesn’t have to mean the end of the road. With the right approach, you can recover stronger and turn the setback into an opportunity. Here’s everything you need to know about why sales fall through, what happens next, and how to bounce back.

Why do sales fall through?

Understanding why sales collapse can help you prevent the same issues next time. Here are the most common reasons:

•Buyer pulls out: Personal changes, cold feet, or financial difficulties often cause buyers to back out unexpectedly.

•Survey shock: Structural problems or unexpected repair costs highlighted in surveys can scare buyers away.

•Gazumping or gazundering: A higher bid from another buyer (gazumping) or a last-minute attempt to renegotiate the price (gazundering) can derail your sale.

•Broken chain: If another property sale in the chain collapses, it can impact yours.

•Unavoidable delays: Legal or financial delays, coupled with poor communication, can frustrate buyers and lead to withdrawals.

What happens when a sale falls through?

When the deal falls apart, here’s what you can expect:

1.Notification from your estate agent: Your agent will contact you as soon as they’re informed, explaining the reasons behind the buyer’s withdrawal.

2.Property re-listed: To attract new buyers, your home will go back on the market. This may require fresh marketing, a price adjustment, or even minor improvements to increase appeal.

3.Chain disruption: If you’re in a chain, your transaction and others in the chain will be affected. Proactive communication with all parties is critical to minimise disruption.

4.Out-of-pocket costs: You may still be liable for expenses already incurred, such as legal fees, surveys, or valuations.

How to recover from a failed sale

•Dig into the details: Understand why the sale fell through and take steps to address any recurring issues. For example, if the survey uncovered concerns, consider repairing or disclosing these upfront.

•Revisit your pricing and strategy: Consult your agent to ensure the pricing reflects the property’s true market value and conditions.

•Vet buyers carefully: Target serious buyers, such as cash purchasers or those with pre-approved mortgages, to reduce future risks.

•Stay calm and adaptable: A positive, proactive mindset can make all the difference in turning a setback into an opportunity.

•Get your property ‘sale-ready’: Present your home as a ready-to-go option for buyers by ensuring legal, compliance, and survey issues are resolved upfront.

What Open Moove suggests next

At Open Moove, we understand how challenging it is to recover from a failed sale. That’s why we’re here to guide you through the process and get your property back on the market with confidence. Here’s what we recommend:

1.Review feedback: Work with your agent to understand buyer concerns and address them effectively.

2.Prepare your sale-ready pack: If you haven't done so already, let us help you prepare key documents like searches, compliance checks, and material information to instill confidence in buyers and streamline the process.

3.Stay connected: Use Open Moove to track progress, communicate with all parties, and keep your chain moving.

A failed sale doesn’t mean failure - it’s a chance to improve your position, strengthen your chain, and get your move back on track. Open Moove is here to help you every step of the way.