If you want to know how to try and prevent buyers from pulling out of house sales, click here for our blog, where we explored some useful points to consider and actions to take.

So how do we do it? How do our modern online property auctions have fewer than 1% of buyers backing out? Lets dive right in.

Find how we attract buyers that don’t back out of house sales:

We vet and qualify our buyers

We make sure to do proper checks. Before any buyer can place a bid with us, we vet them, verify their ID, proof of funds and conduct money laundering checks and qualify them to ensure they are serious about buying and have the means to do so.

We don’t want any time wasters to impact your property purchase with us, so we are careful to ensure all our buyers are serious-minded.

We make buyers commit financially and legally

We ensure that buyers commit much earlier in the process than a through the estate agent route. When the auction cycle ends, and the highest bid over the reserve price is achieved, the buyer pays the reservation fee and deposit for the property straight away to secure the property.

In our 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’. The Legal Pack ensures that, on the fall of the hammer, the legal contracts are exchanged straight away and the rest of the legal process only lasts a further 28 days.

They have already been through this process before

They have been through the process before, they know how it works and are already prepared for the next stages. They already have their own solicitor, surveyor and every person in place to facilitate this property transaction.

They know exactly how the process works. They know that if they bid on a property and they win, they have to pay the reservation fee and deposit straight away, and exchange legal contracts on the same day. They have their solicitor ready, and they know they will be able to get the keys 28 days after the fall of the hammer.

They are experienced and they know what they are doing

Our buyer clients are mostly investors and landlords who are looking to buy new residential and commercial properties to rent them out or conduct business from there themselves. They are seasoned professionals and know what they are doing.

Some of the time, investors and landlords don’t even come to view the properties they bid on. They are experienced enough and can average out any costs that may need to invest before they can make the property profitable.

Yes, we do also have individuals and couples buying our properties, but this is a smaller percentage of our buyers.

They are not flaky and are serious about buying

They are serious investors and their reputation rests on them keeping their word and doing what they said they were going to do.

They come to our auction with a plan of what property they want to buy, in what location, and have a plan for that property to generate profits in the future. They buy properties for a living and won’t just flake on a property purchase if they don’t feel like it or about a minor inconvenience. 

They trust us

Some of our buyers have used us for over 50 years and trust us to bring them great quality properties consistently. They know that we have serious sellers, and they know our rules. We clearly outline expectations to both buyers and sellers and we often hear how pleased they are with this, as it gives them a clear structure, and everyone is on the same page.

That being said, we also get new buyer registrations every day, so that pool is always increasing.

Conclusion

We have worked hard and diligently to put processes in place and make the experience so much better for both buyers and sellers. As part of this, we have put measures in place ensure that both of our buyer and seller clients are serious about the property transaction. By doing this, we have cut down our buyer back out rate to less than 1%. You won’t find it lower than this, we guarantee it.

To explore how we can help you sell your property with no buyer back outs, for free and sell it in as little as 28 days, get in touch below or fill out our online valuation form, and we will contact you.