Sad to say, Part Six is of a different narrative to what Roger and his family would’ve hoped! Instead of the moving post you may have expected, we are coming back with ‘What to Do When Your Sale Falls Through’.
Rogers’ buyers have pulled out just as the Contracts of Sale were due to be signed. This is extremely difficult for a number of reasons.
First and foremost, the likelihood is that the dream home in Yorkshire may be lost to another buyer. Secondly, it means spending time preparing his current home for the onslaught of viewings that will need to take place once again.
This may sound like an easy task, but once you have an offer on the table, the house can quickly transition from a display home to a sea of cartons and misplaced items! Basically, it’s back to the drawing board!
Did you know?
Statistically, 1 in 3 house sales fall through in the UK. Pretty high ratio don’t you think? The knock on effect this can have to a chain of buyers can be massive, in this instance the chain was very small, nevertheless the impact on Roger, his family and all chain members will be huge.
So what now?
Well, the house has gone straight back on the market and the Estate Agents have contacted all previous prospective buyers to seek out any possible interest. For Roger one of the hardest parts was letting his sellers down, after building a good rapport with them and being so keen to complete, it’ll be hard to accept that the house may be lost, unless they are willing to wait whilst he re-markets his house.
If you lose your offer, there are several alternative routes available, but be warned that they all come with a catch…
Firstly, for some there is the option to remortgage and rent out their current home in order to buy the second. Expensive!
Secondly, if time is on your side, you can simply put your home back on the market and hope it moves quickly. Maybe change agents if you think you need a refresh.
Third and final is to turn to companies such as webuyanyhouse.com, or nested.com who offer to buy your home for a below market rate and sell it on, in turn making you a ‘cash buyer’. Be warned though, these companies know you’re in a pinch and so their rates reflect this, often offering as little as 75% of the asking price! Maybe try another estate agent if you think things need a refresh?
Here’s the thing, when the offer came in Roger made the decision to be optimistic. This has made the last few months of planning and dreaming a lot more enjoyable. The possibility of losing the sale was always there but surely it was better to go for the ride and deal with the resulting disappointment than spend months nervously fretting about the what ifs?
One final tip to take from this experience, if your sale does fall through, remember to gather any surveys or information that the previous buyer completed on your house before dropping out. This could help speed up a future sale and is now useless to them any way.
With all this being said, it looks as though the Trading Places series is set to continue for a while longer! Who knows what Part 7 will bring…