One of the most nerve-wracking things about the whole property buying and selling process, is the worry that once someone has made an offer on your home, they can pull out later along the line, totally disrupting the chain.
Whilst circumstances can change for buyers forcing them to pull out (personal, financial), or due to dissatisfaction with a survey carried out on the property, are there any obvious signs to look out for that might mean that your buyer maybe not all they’re cracked up to be in terms of wasting your time? One of the biggest red flags is having a lack of motivation when it comes to instructing a solicitor or providing the relevant financial details- keen buyers who are head over heels with the prospect of purchasing your property tend to make sure they are sorted pretty quickly. Not answering the phone to agents, or responding to emails, definitely make estate agents twitchy.
So what can you do to protect yourself from a buyer pulling out?
By choosing an experienced estate agent, such as Bromley Property Company, we can ensure that only keen, committed potential buyers make an offer on your property, and we’re also well-versed with being able to spot the signs of someone who might be not be one. We keep things moving along, and check that our buyer has made all of the relevant instructions and has a mortgage agreement in principle (where applicable). If a chain is involved, we also consistently check the progress of this, as chains with 3 or more sellers involved have a higher chance of falling apart.
What can I do if the worst happens and my buyer pulls out?
If you have already made an offer on a property that you really want, it’s imperative that a new buyer is found quickly for the property that you’re selling- you need to replace the buyer that has pulled out ASAP. You will need your agent to potentially revalue your property against similar ones in the current climate- it may have gone up or down in value in the time since it was last on the market. Your agent should also remarket the property well to let potential buyers know that it is back on the market once more, and possibly refresh any photographs to reflect a change of season if necessary.
Whilst it can be frustrating if your buyer pulls out, it’s unfortunately not uncommon, but in a strong market a buyer can usually be easily replaced. In a tougher market it may take longer, but a good agent will work with the seller to discuss pricing and options that everyone is happy with.
If you’re interested in buying or selling a property in the Bromley area, why not contact us and give us a call for a no-obligation valuation on 020 8462 7155