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What Should Be Your Next Steps After A Failed House Sale?

With the property market a surging hive of activity in the spring months, a lot of buyers and sellers are looking at their options to find their next home at the right price.

Whilst prices have not reached the peaks they did a few years ago, demand has increased and that has led to a consistent upswing in average house prices in 2024 so far.

This means that as long as the house is right and the price is right, most sellers are likely to find a buyer.

In many cases, this is the end of the story; paperwork is filled out, conveyancing and surveys are undertaken, contracts are signed and exchanged and money changes hands. However, there are unfortunately some cases where this is not the case.

Sales can fall through for a lot of reasons, some of which are not the fault of either the buyer or the seller such as the ripple effects of a property chain collapse. Your estate agent will let you know what has happened and why.

The first step after receiving the bad news is to not panic. It can be upsetting and frustrating, but this does not necessarily mean that you have done something wrong as a seller. If it is the first time the sale has fallen through, it could simply be a freak occurrence.

Next, ask for feedback from your estate agent and they will let you know what caused the sale to fall through. This is particularly helpful if you have had multiple potential sales fall through and the reasons given by the different buyers are the same.

After this, keep in touch with prospective buyers throughout the process; sometimes it is possible to tell which buyers might be more likely to pull out. As well as this, keep in touch with everyone in your property chain to ensure they are prepared for any ripple effects.