What can you do when a property sale falls through?

The number of property transactions that fall through before they successfully complete is reportedly rising. The reasons why are varied too and include the buyer failing to secure a mortgage; an unsuccessful negotiation period after a survey report; purchasers changing their minds; new yet unforeseen circumstances and the chain collapsing due lengthy delays.

It can be disheartening if your sale falls through – especially if you have offered on an onwards property that you don’t want to lose – and the chain collapse may leave you needing to sell property fast.

Don’t panic if your agent breaks the news that your buyer has pulled out. There are a number of options open to you and people ready to step in to help. Your next step will depend on how quickly you need to find another buyer. If that’s ASAP – skip to options 4 and 5.

Option 1: Go back to your buyer – finding out why your buyer has pulled out may help shape your next step. If it’s a matter of money, you may think about accepting a lower offer but there’s no guarantee your buyer will engage with you. If they have found another property or can’t secure a mortgage – therefore can’t be convinced to rethink – you’ll need a new plan.

Option 2: Try again with your agent – if you can spare the time and have the patience, you may choose to re-list your property and go back on the open market with your High Street agent. Staring the process from scratch may hinder your moving plans or delay freeing equity, if that was your plan, but do ask your agent if they have been keeping other interested buyers ‘warm’.

Option 3: List with an online agent – the streamlined set up and digital nature of online agents means the marketing and sales process moves with much greater speed. Our sister company, Open Online, successfully markets properties for sale across the leading property portals and on its own successful website. Open Online also contacts its live database of buyers and investors who are keen to purchase a property like yours.

Option 4: Sell at a property auction – if you have a pressing deadline to meet, you can sell property fast at one of Open Online’s auctions. As well as a guaranteed audience of purchasers, you will exchange contracts as soon as the gavel falls. Completion of an auction sale will also happen quickly – in as little as 20 days – which will get your sale back on track after a fall through.

Option 5: Sell to a cash property buyer – need an instant selling solution? You can sell your house fast for cash today, avoiding the drawn-out process of marketing, finding an open-market buyer and potentially another fall through. Open Property Group is a professional property buyer and we can make you an instant cash offer with super-fast completion – within 7 working days, if required. We make offers on all types of properties, no matter their condition or lease status, and no viewings are required. Get your free cash offer now and put a past fall through behind you.

Need more advice?

Open Property Group is an accredited professional property buyer who has rescued countless chains and advised numerous sellers who have just experienced the disappointment of a sale falling through. Contact us and we’ll quickly understand your predicament and create a course of action to sell your property fast.