Tips for when a sale falls through

Sales don’t always go according to plan and on occasion, a sales offer will fall through. In cases such as this, it can add additional stress to what is already a high-pressure transaction, and it is helpful to understand what comes next and have the right agent on your side. 

Be selective of your buyer

The highest price offer may not always come at the hands of the best buyer and due diligence from your agent to ensure that the buyer has pre-approved finance arranged can reduce the chances of a sale falling through.

A serious buyer will have finance arranged prior to putting through an offer and will have their deposit ready to go. 

Always ensure that a deposit of 5% or 10% is agreed on and paid once an offer has been accepted as it can safeguard the sale. Should the offer fall through, this deposit will be forfeited by the buyer.

Pre-arrange pest and building

Once an offer has been accepted, the buyer will organise a pest and building inspection in addition to arranging their finance. This can be an area where sales fall through if there are issues with the property that are not disclosed prior to sale.

Arranging your own pest and building prior to the sale can reduce challenges around this and help in safeguarding the sale. It will also provide awareness for you as an Owner around potential areas that may need repairing in the home.

The buyer may still arrange their own inspections; however, you will have the initial reports should there be concerns.

Choose an experienced agent

Selecting an agent that has a great track record and experience in all types of markets is important to ensure the success of the sale.

An agent who is well prepared and understands the different buyers that are in the market will keep cool under pressure and handle any objections that should come through from prospective buyers. 

They will also have a database of prospective buyers, especially in a tighter market, so that if a sale does fall through, they can contact those buyers to gain further interest in the property and re-negotiate the sale in the shortest time possible. 

A good agent will act in your best interests when it comes to the sale of the property and keep in contact with all interested parties throughout the sales experience to reduce possible risks to your sale.