*This is a collaborative post.
About a third of property sales fail after a sale agreement is reached, new data suggests.
Data shows that 32% of buyers and sellers were disappointed by a failed sale between January and March this year. This equates to more than 30,000 movers per month.
If you’re eager to avoid the upset of a failed sale and maximize your chances of success, these top tips may help.
1. Keep your finances organized so there are no surprises
Data shows that 25% of sales fail due to buyers not being able to buy get a mortgageAs the cost of living and interest rates climb, mortgage lenders are becoming more cautious about the amount they’re ready to lend, so it’s important to speak with a mortgage advisor before you start looking at any property. An agreement in principle will give you a good idea of ​​your borrowing capacity to determine your budget for your property search. It’s also worth noting that lenders are more cautious about any unusual properties, so if you want to maximize your chances of success, it’s important to choose properties that are less likely to spark any “unknown” or areas of concern for the lender.
2. Know what you’re looking for
Competition for properties is fierce right now, so knowing what you’re looking for can save you wasting time and allow you to act quickly when you find the right property. It also means you’re less likely to be left out in the buying process.
It is also important to note the impact that personal contact can have in a highly competitive environment real estate market. If a seller is trying to choose between you and other buyers in similar situations, being able to communicate that you’re sure this is your “that” and reiterate your commitment to a successful sale can help you beat your competition. Like buyers, sellers don’t want to sell a property that fails, so if they know you’ve been looking for the exact same property as them and are committed to selling, your offer is more likely to be successful. If there are any other circumstances that would help you identify the property, such as wanting your children to attend a nearby school, or moving to work or being close to family, communicating those circumstances to the seller may also help with your predicament.
3. Make yourself an attractive buyer
When you’re competing with other buyers, it’s important to make yourself an attractive prospect. That means getting all your finances in order and arranging any mortgages ahead of time. It also means keeping your situation as simple and straightforward as possible. The most attractive buyers will always be those without a chain store, who are flexible about moving dates. If you can’t get yourself out of the chain, be sure to choose your buyers carefully. Real estate chains are one of the biggest causes of failed and delayed sales, so keeping the chain small will increase your chances of a successful sale.
Danny Luke act now Said: “Rising inflation means many potential buyers are feeling the pinch, and this is reflected in the amount of money mortgage providers are willing to lend. This is starting to have a real impact on buyers’ ability to commit to a property and complete it.
“If you are looking to move in the next few months, it is important to review your situation and make sure you are doing everything possible to maximise your chances of a successful property purchase. This means getting yourself off the chain if possible, and Get your finances in order.
“Unfortunately, there will always be circumstances beyond your control, especially if you are part of a chain of property, but making sure your personal circumstances are as workable as possible will help improve your chances of success.”
