Did you know that 33% of sales fall through between offer and completion often where the buyer simply pulls out?
It’s an interesting statistic but it is much more than an academic exercise
In fact, this can cause real problems for people especially when they are in a chain or when they are counting on the money to pay for care.
So what should you do when your buyer pulls out at the last minute.
#1 Don’t panic
Easy to say, less easy to do but we can promise that panicking isn’t the mode you are looking for here.
Instead, you need to adopt a cool head and assess your options calmly.
Adopt a philosophical attitude and sit down with a glass of wine, a pen and paper and consider your alternatives
#2 Call your solicitor
It very much depends upon where you are in the sale process but if you have already exchanged contracts then you have the option to retain the buyer’s deposit or enforce a sale.
The latter may well be less practical but at least a deposit will pay for any costs of the sale breakdown.
#3 Relist your property
your estate agent may well be keen to get your property listed again, especially if they are on a contract where they only get paid on completion but you may wish to look at other options.
this might be a time to look at different agents or different ways of selling
# In a chain? Talk to people
If you are in a chain then it can be an embarrassing call to make to your buyers to tell them the sale is off.
Remember though that it’s not your fault that the chain broke and speaking to the buyers will give them confidence that you are not messing them about, just the unfortunate victim of circumstance.
They may well give you extra time to find a buyer, in which case happy days!
#4 Speak to your buyer
You may not want to but now is the time for a cool head and not emotion.
With the best will in the world estate agents may want to put a gloss on things when they relay messages but speaking with your buyer may unearth some misunderstanding that could easily be cleared up.
Having a chat and even possibly being flexible on money may sweeten the deal so that you can repair your broken chain
#5 Think about a quick sale
Here at Lothian, we specialise in quick property sales and often we find that people use our service to repair broken chains.
We can step in and have an offer with you in 24 hours and could complete within as little as 10 days which means you could get your sale back on track.
Contact us now and we can give you clear advice and a free no-obligation quote