Selling a property can be a challenging and stressful time– even more so when something disputes or delays your sale at the last minute. To prepare you for all possible outcomes, we’ve rounded up five of the most likely setbacks you’ll face when selling your home.
Clearing your property
If you’re selling a property that is filled with furniture and personal possessions, then you need to take this into consideration before accepting an offer. Although you’re likely to hire a removals van and move your belongings to your next property, you could run into issues if you’re selling a property you have inherited. In these cases, we recommend either clearing the building before putting it on the market or selling the furniture in an open house sale.
The chain
One of the most challenging parts of any property sale is a chain. The person who is buying your home is likely waiting for an offer on their property to be completed, and so on. The more buyers and sellers that are involved in a chain, the more complex the property buying process can become – and the more likely you are to run into difficulties. As Which suggests, the best way to avoid a chain is to find a chain-free buyer, or consider a new-build property.
Mortgage application
If you’re selling your home to a first-time buyer, then you could face a setback if their mortgage application is delayed or denied. Make sure you’re aware of your customer’s situation before you put in an offer for your next property, as you could run into challenges and have to delay or pull out of the process entirely. The more you know about the state of your sale, the better your chances of securing your dream home and having the finances available.
Personal reasons
Divorce, death, pregnancy and redundancy are all possible issues that can be faced when selling a property – either by a member of your family or from your buyer. Unfortunately, you cannot always prepare or predict changes in circumstances, emergencies or personal issues, so remain vigilant at all times and consider ‘what ifs’ before making big decisions.
Change your mind
Buying a property is one of the most important decisions you’ll ever have to make, so it’s only natural that some buyers will change their mind before the deal is approved. It may be that they have decided to stay put in their original property, or they may have been toying between two potential properties and decided to go with the other property. Last-minute pull outs are an unfortunate reality, and there’s little you can do to prepare in advance.
There you have it – five of the biggest setbacks you could face when you sell your property. Although some of these setbacks cannot be predicted, it’s important that you consider every possible outcome of your house sale – and always be sensible when making big decisions that are centred around deposits, property sales and finances.
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