If you’re a veteran of selling houses, then you’re probably well aware that just because you’ve agreed on a sale doesn’t mean it’s guaranteed to go through. There’s a lot to be done between agreeing to the sale of a house and actually completing on it, and plenty of deals fall apart before the last hurdle.
For those people who are newer to selling houses, here are some last-minute issues you should be aware of.
Slow Conveyancers
For the most part, everybody involved in the deal is motivated to get it done as quickly as possible. However, there are lots of boxes that need to be ticked, and the legal side of the sale needs to be sorted out.
It’s rare, but sometimes you find that one of the parties to the sale is employing a conveyancer who is painfully slow, and this can lead to the collapse of the sale.
If you’re not getting the kind of updates you expect for your conveyancers, then you need to get on to them. You want to be kept in the loop, so make sure you are and that your conveyancer is as motivated to get the deal completed as you are.
Problems with the Survey
When the buyer has a survey done on your house, it can sometimes throw up previously unidentified problems that can cause issues for the sale.
All buyers are going to perform surveys just to ensure they’re not investing in a property that has lots of hidden flaws, and sometimes they do find problems that nobody could have foreseen.
The best thing to do is here is to make sure you’re honest about any issues you do know about, and that will at least prepare the buyer for what might come up in the survey.
Japanese Knotweed
One fairly new phenomenon that can sometimes show up on a survey is Japanese Knotweed. As the name suggests, Japanese Knotweed is a weed with southeast Asian origins that’s an invasive species in the West.
It’s very difficult to control and can lead to great difficulties in people getting a mortgage. It seems crazy that a weed can cause the sale of a house to collapse, but it goes to show the major problems Japanese Knotweed can cause.
There are Japanese Knotweed Mortgage Solutions though, so click here to find out more; it doesn’t have to mean the end of your house sale.
Gazundering
It’s a strange word, but it can occasionally be the cause of your house sale falling through. Gazundering is where your buyer drops their offer at the last minute, leaving you with a decision to make – take a lower price, or go back to square one.
If the buyer is going to do this, then they’re going to do it, but it’s more likely to happen if you’re driving an overly tough bargain. At the end of the day, it’s very frustrating when this happens, but you’re in charge of what happens, how badly do you want the sale?
Sunil Chandel
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