How to Avoid Fall-Throughs: Tips for Home Sellers
How can sellers minimise the risk of their property sale falling through? Here are some tips for keeping your sale on track.
What exactly is a fall-through?
A fall-through is a situation where typically a buyer has agreed to buy your home but pulls out before the sale becomes final.
Why do fall-throughs happen?
Sometimes, buyers change their minds, or there is a shift in their circumstances. On other occasions, there can be issues with surveys or mortgages that mean the buyer can't buy your home.
Chains – where several property transactions need to go through at the same time in order for any of them to proceed – can also cause a fall-through.
What you can do to minimise fall-throughs
Get the asking price right
Setting the right asking price is an important first step. This will not only give your sale the best chance of completing successfully, but it will also help attract the right buyer in the first place.
Get your home ready for sale
Make sure your property looks its best so buyers will be eager to make it their home.
Sort out any snags - such as a dodgy roof, leaking gutters or unsightly damp patches - that could hold things up later.
Prepare your paperwork
Compile all the information a prospective buyer might want to know. For example, details of where your boundaries are or any alterations or improvements you've made, such as an extension, or new boiler or windows.
If your property is leasehold, ensure you have details of the lease and ground rent or any service charges you pay.
You'll be asked for this information during the conveyancing process anyway. Getting it ready now should also help speed things up later.
Pick the best buyer
If you receive several offers for your home, pick the buyer who is best placed to go through with the transaction and the most committed.
There can be advantages in selling to first-time buyers, cash buyers or buyers who aren't in a chain. Otherwise, choose a buyer who has already sold their home, or at least has it on the market.
Choose the right conveyancer
The quicker your sale completes, the less opportunity there is for it to fall through. Try to use a solicitor or conveyancer with a reputation for working efficiently.
Rather than select a solicitor or conveyancer on price alone, read their reviews. Also, consider how quickly they deal with your initial enquiry. If they're slow to respond, it doesn't bode well.
Answer queries accurately
At some point during the selling process, your solicitor will have questions and queries about both you and your property. (Many of these will be raised by the buyer's solicitor and directed through your solicitor.) There could also be queries from other parties like your mortgage lender.
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