It can be quite worrying to think about if you are in an onward chain and relying on the property selling and its proceeds to buy your next home.

Whether you have got wind or an inkling that your buyer may pull out of your house sale, or you just want to arm yourself with the information beforehand to prevent it from happening, you have come to the right place.

Below, we go over some useful points to get more information on, and actions to take in order to prevent a buyer pulling out of your house sale. At the end, we will advise the best method to sell, which only has a buyer back out rate of under 1%.

Ways to prevent a buyer pulling out of a house sale

Find out motivations for buying

In the initial stages, it is important to find out what the buyer’s motivations are for buying a property. Asking questions (whether yourself or through your agent) about this can reveal a lot of about how serious the buyer is about buying.

These things should have already been covered by your estate agent, but if you would like to find out more information before they view your house or before you accept their offer, you are entitled to do so.

If the buyer comes across genuine and are certain they are moving to this area due to family commitments (e.g. childcare) or for their job, then you can be sure they are serious. If they say they are “just seeing what is out there” or haven’t even looked at selling their current home, then you may wonder as to their seriousness.

Listen to feedback from viewings

If you have had a few viewings and have had feedback about a certain point or two (e.g. damage to the roof), it may be worth looking into that. At this stage the issues may seem small, however, later down the line when surveyors come in and solicitors start asking a lot of questions, it can turn into a larger problem. This may cause the potential buyers to back out, if they think taking on the problem may be too costly or too risky for them.

Consider fixing the issue or getting a quote for it if appropriate. It may cost a little upfront, however, it may be able to save you time and stress moving forward.

Make sure to be upfront and honest about any issues that come up that you know about, and not hide any information that may be useful for them and make impact their decision.

Check they have the money

A good way to check if the buyer is serious about buying the property is if they have the funds available or if they had their mortgage approved. This should be covered by your estate agent, however, if they are not forthcoming with the information, ask them to check and come back to you before any viewings or offers are made. 

If they are an investor or landlord they will have their proof of funds readily available so you can be sure that they are serious.

Have a clear line of communication

Make sure to establish a clear line of communication with the buyer, whether this is through the estate agent or directly. It is helpful to answer any questions in a timely manner to keep the transaction always going forward.

By having a clear line of communication, you open up a safe path for the buyer to come forth with any issues or questions as soon as they have them. By communicating in a clear, timely and effective manner, you let the buyer know that you are a genuine and helpful seller and the buyer’s confidence in you will grow.

How to ensure a buyer back out rate of under 1%

The average rate estate agents get buyers pulling out in the UK is 30%. That is a lot.

Estate agents aren’t the only way to sell a house. Modern online property auctions provide a way in which you can sell your property with a near on guarantee that the buyer will not back out.

Our process ensures that properties sold for the highest bid over reserve price, stay locked in place, due to requiring the buyer to pay the reservation fee and deposit on the fall of the hammer. The buyers are financially committed, therefore don’t pull out, or they would lose their deposits, which can be a significant number.

The legal conveyancing process also works slightly differently. In the auction, the seller starts the legal process prior to putting the property up for auction and the solicitor gets together what is known as a ‘Legal Pack’. This Legal Pack ensures buyers have all the information they need about a property before placing bids.

This prior legal work makes sure, that on the fall of the hammer, the legal contracts are exchanged straight away and the rest of the legal process only lasts 28 days. On day 28, you move out and hand over the keys.

And the best part is? We can offer this selling service absolutely free. We charge no fees or commission to the seller to list or sell their property with us, as our fees are paid by the buyer.

If you would like to find out more information on the process to sell, or find out if auction is right for you, click the relevant links. If you have heard some things on auctions and aren’t quite sure, check out our blog, where we demystify the 5 most common myths about selling a property on auction.

Psst, auctions are not just for old, tired and dilapidated properties.

Conclusion

There are several ways to try prevent a buyer from pulling out of a house sale. We find that sometimes you can do something and about the situation and negotiate, however sometimes nothing can be done. It is a good idea to explore other options to see which may be the best one for you, if a your buyer pulls out of your property sale.

To explore selling your property for free with us by way of modern online auction and without the frustration of the buyer pulling out, give one of our experts a call on 0330 223 6118 or click value my home in the top right hand corner of the page, and we will get in touch.