You’ve put your heart and soul into getting your home ready for a sale, kept the house clean and tidy for viewings, negotiated offers and… boom! You get the devastating news that your buyer has decided to back out. Before you let out a sigh of despair, remember, it’s not the end of the world! Let’s have a look at what you can do when faced with this situation. Trust us, there’s always a silver lining.
It’s Not You, It’s Them
Firstly, let’s get this out of the way: it’s not always about your property. Buyers might pull out for a myriad of reasons that have nothing to do with your home. They might have faced a sudden financial hiccup, personal issues such as a separation, cold feet, or found another property they prefer. It’s not ideal, but it happens. So, try not to take it personally.
And When it is Your Property…
If it is your property (and not them) that has caused the sale to collapse, try not to bury your head in the sand. In most cases, it’s likely a survey has shown some sort of issue. Sometimes, even the mention of a potential problem can scare your purchaser off, other times, a real issue may be brought to attention. Other times it could be that your purchaser has become frustrated by the timescales. When this happens, your estate agent should be doing everything they can to save your sale. If you choose Arden to sell your property, you will have a dedicated sales progressor will do their very best to rescue your sale from falling through. But bear in mind you may need to address the issues which have arisen, or be open to renegotiating your agreed sale price if you’d prefer that your purchaser sorts out the problem once they own the property.
If every avenue has been exhausted and there’s no way of saving your sale, you’ll reach the point of having to re-list your property. In this event, you should ensure your agent is taking the following actions:
Return to Previous Interested Parties
Remember those applicants who showed interest in your property before but were just a tad bit late with their offer? A good estate agent will give them a call to let them know your property has become available again. They could still be interested, and may not have yet found a property to purchase.
Back to Market? Make Some Tweaks!
If you do need to re-list your property, think of it as an opportunity rather than a setback. In order to sell your property quickly, maybe there were minor improvements you were contemplating but didn’t get around to. Perhaps a room could benefit from a fresh coat of paint, or maybe your garden could use some sprucing up. Minor changes can sometimes make a big difference. Your agent should ensure new high-quality professional photos are re-taken, to show your property in a fresh new light!
Re-Evaluate the Price
Now, this isn’t necessarily about reducing the price (although that can be an option). It’s about making sure the price is right for the current market. Sometimes, even in the space of a few weeks or months, market conditions can change, a good agent will be able to advise you with a current market update and what your house is worth. Check out similar properties in your area and see how your pricing stacks up.
Feedback Is Gold
If the buyer communicated specific reasons for their change of heart, take that feedback on board. Was there something about the property they weren’t keen on? While some things can’t be changed, like location, others might be manageable, like fixing a leak or updating a bathroom.
Keep the Ball Rolling
Just because one buyer pulled out, it doesn’t mean others won’t be interested. A good estate agent will remain proactive until your property sells again. We can talk you through the best next steps, and discuss a new marketing strategy, whether an open house is the right way to go, or even help to stage the property if you’re trying to sell an empty dwelling.
We know that selling a property can be emotionally draining, especially when it feels like a done deal, and then it’s not. Take a moment for yourself. Go for a walk, binge-watch your favourite show, or maybe even get away from it all with a holiday. Once you’ve had your reset, you’ll come back with a fresh perspective.
When it’s time to change agent
The best estate agent will make you feel confident about selling your house with them. If you have questions, worries or fears after your sale has fallen through, you should feel comfortable to be able to ask them! A good estate agent will be happy to answer any questions you may have, honestly and transparently with a pro-active approach. For more help with how to choose the right estate agent, click here.
The Next One Could Be The One
Finally, remember that for every door that closes, another opens. The next buyer might offer a better price, be easier to deal with, or have a smoother transition overall.
In conclusion, having a buyer pull out can initially seem like a big blow. But with the right mindset and approach, it’s just a tiny bump in your property selling journey. With every setback comes an opportunity to learn and grow. So, stay positive, find a proactive estate agent, and soon enough, you’ll be handing over those keys to a new buyer who sees and cherishes the value in your home!
If your sale has fallen through and you choose Arden to re-sell your property, we promise we will do everything that we can to make sure that it is marketed in the best way, sells quickly for the right price and that your purchaser is not only motivated, but can financially afford to proceed, carrying out financial checks before we mark your property as SSTC. Don’t forget, you won’t pay us a penny until your property completes its sale, so we’ll do everything we can to make this happen.