Five Top Reasons Low Fell Home Sales Collapse and How to Avoid Them

Five Top Reasons Low Fell Home Sales Collapse and How to Avoid Them

Property Sarah Mains 26th February 2024

The journey of buying or selling a property is often filled with anticipation and excitement. 

 

However, it can also be fraught with unexpected challenges that might cause a sale to fall through. 

 

As experienced local estate agents, we’ve seen our fair share of transactions fall by the wayside.

 

This article shares insights on why these issues arise but, more importantly, how to avoid them.

 

Financial hiccups

One of the most common deal-breakers is financial issues. This could be anything from a buyer’s mortgage falling through to unexpected costs cropping up. To safeguard against this, buyers should have a mortgage agreement in principle before making an offer. Sellers should ensure their agent conducts thorough financial vetting of potential buyers.

 

Chain pain

Property chains can be complex and fragile. If one transaction in the chain fails, it can have a domino effect. Keeping communication open and having an agent with a proactive approach can mitigate these risks. This is why chain-free buyers, who don’t have to sell a property to finance a purchase, are more attractive to some sellers.

 

Survey snags

Surveys can uncover potential problems, such as structural defects and electrical issues, which might cause a buyer to reconsider. As a seller, consider conducting a pre-sale survey to identify and address potential problems beforehand. Buyers should use survey results as a negotiation tool rather than a deal-breaker if they’ve got their heart set on a home.

 

Legal delays

Legal complexities can slow down or derail a transaction. Working with experienced, reliable solicitors who specialise in property law is crucial. Ensure that all your documentation is in order before going on the market, and be responsive to any requests for information from your estate agent.

 

Cold feet

Sometimes, buyers or sellers get cold feet. This is where the ‘contact sport’ element of estate agency comes into play. A good agent regularly contacts and reassures people involved in the deal, which helps keep everyone committed to the transaction.

 

Staying the course

Remember, knowledge is valuable in property transactions. By being prepared and aware of these common pitfalls, you can navigate the process more smoothly. 

 

As your local estate agent, we’re here to guide you every step of the way, ensuring your property journey is as seamless and successful as possible.

 

If you’d like a free property valuation or advice about marketing your home, contact us here at Sarah Mains Residential on 0191 487 8855 or visit Book a Valuation to Request Your FREE Property Valuation.

 

   
 

Newcastle Office
119-121 St George's Terrace
Jesmond
Newcastle upon Tyne
NE2 2DN
0191 240 3333

js@sarahmains.com

Low Fell Office
4 Beaconsfield Road
Low Fell
Gateshead
NE9 5EU
0191 487 8855

lfs@sarahmains.com

Whickham Office
8-10 The Square
Whickham
Newcastle upon Tyne
NE16 4JB 

0191 488 9999
ws@sarahmains.com

About Us

Sarah Mains Residential Estate Agent | Branches throughout Newcastle and Gateshead. 

Open 9am to 5pm Monday to Friday and 9am to 1pm Saturdays

2021 © Sarah Mains Residential Sales & Lettings. All rights reserved. Terms and Conditions | Privacy Policy | Cookie Policy | Complaints Procedure | CMP CertificateDisclaimer
Sarah Mains Residential Ltd. Registered in England & Wales.  Company No: 04324202.  Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE . 
Sarah Mains Residential (Whickham) Ltd. Registered in England & Wales.  Company No: 05774118.  Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE . 
Sarah Mains Residential (Newcastle) Ltd. Registered in England & Wales.  Company No: 04919065.  Registered Office Address: 8-10 The Square, Whickham, Newcastle Upon Tyne NE16 4JE .