No matter what Estate Agent you pick, how high their Estate Agent fee is or how well they market your property – the truth is 27.94% of property purchases fell through in 2015, and its important for us to understand why when selling our own properties. Mainly, the failed sale on these property was due to buyer’s change of mind following a survey. An additional 9% of sales fell through due to the buyer being unable to obtain a mortgage and 4.7% falling through to personal circumstances – it’s the main worry of all sellers who have completed niggling DIY jobs, redecorated, negotiated Estate Agent Fees, found a suitable buyer & accepted a good offer… will my home sale fall through?
Tougher lending criterias introduced has meant a higher percentage of buyers have found it difficult to obtain a mortgage. With this in mind, it’s important to look for buyers who have a mortgage in principle already, ensuring that no time is wasted if the lender decides not to lend.
But the 22.7% of house sales falling through due to negative survey results, can be avoided.. or at least reduced!
Consider having a survey completed on your own property. This will highlight aspects which need to be addressed. At a cost of around £700, this could save you £1000’s on your end sale price.
You then have options, you can either address these issues, so should a survey be required by the buyer, the issues will not be reported. Or, you can sell the house knowing the issues which will arise should they choose to have a buildings survey. With this in mind, you can gain quotes for repairs for the works and understand how much you would be willing to drop the price of the property by.
Additionally, you can complete your own survey to repair any minor aspects prior to a survey. This helpful guide tells you how to look at each aspect of your home in detail & can be good to do prior to your own survey.