40% of property sales falling through
When it comes to selling your home, it is now more beneficial than ever to use Hull & East Yorkshire's only combined estate agent and solicitor!
Since the recession and financial crisis, around 30% of sales have been falling through between the stage of offer acceptance and legal completion. However, recent research indicates that fall-throughs are now running at a rate of up to 40%, simply because of problems with the existing conveyancing process. Some fall-throughs are caused by inexperienced buyers failing to do their due diligence. Others sales are failing when vital information is withheld by the agent or vendor. Mortgage lenders changing the goal posts and buyers failing to get their deposits together are also common causes of delays and fall-throughs.
Suggestions are now being made to get industry leaders together to find the best possible solution for all parties. Buyers should always have access to detailed information about the property before they consider making an offer. Some of the things to be aware of include details of the lease and any relevant restrictions, physical issues such as damp and subsidence, as well as whether or not the property has been on the market before and if so why it returned to market.
In summary, getting a sale through to legal completion is harder than it's ever been, and yet at Hudsons we have a fantastic success rate, with few sale collapses, simply because our estate agency team and legal team work closely together to minimise the risks involved.
For more information about selling with Hudsons, call 01482 645100.
To read the full article, visit http://www.propertyindustryeye.com/fall-throughs-now-affecting-40-sales-claim/