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Property transactions falling through is on the increase Mon, 21 Oct 2013 13:33

A new report claims that there has been a significant rise in the rate of house sales falling through.

Between July and September 2013 it was just over 25%, up from just under 20% in the previous three months.

The 25% figure is similar to the same period last year of 27%. It was discovered that the majority of house sale fall throughs in the last three months were caused by mortgage or finance-related issues.

The report concluded:  "The fall through index is a barometer of misplaced confidence, made up primarily of those who make an offer on a property and then fail to secure mortgage finance.

The trend over the last couple of years, particularly in the latter half of 2012 and the start of 2013, was for people to take more caution, agreeing mortgages in principle before making offers, and that is the main reason why we saw a reduction in the fall through rate.

The mood in the property market has been buoyant lately and this is reflected in the sharp rise in fall throughs throughs we have seen since March 2013".

Richard Hill, Founder of Dream House Buyer, is not surprised at this news:

"There are many reasons why a property sale might fall through, but these tend to become more numerous in a rising market.

Reasons include:

  • Solicitiors not communicating effectively.
  • Problems with missing paperwork or important documents.
  • Problems with instructing a valuation.
  • Problem property or defects discovered which might make the property unmortgageable. 
  • The property is down-valued.
  • The mortgage surveyor could request a retention if works to the property are required. 
  • The vendor or buyer get cold feet or are not pro-active in supplying documents or responding at important milestones in the sales progression process.
  • The buyer's mortgage offer falls through.
  • The property sale is part of a long chain that becomes stuck.
  • The buyer's circumstances change, such as pregnancy or redundancy, and the buyer changes their mind.

Until "exchange of contracts" a property sale completion is not guaranteed and often hangs in the balance right up to this point".

In a rising market, people tend to make offers that they cannot honour.  It may be that their own property is not sold, or they do not have finance in place and then later find that they cannot get mortgage finance.

When a sale falls through, this can leave the vendor who has taken their property off the market, high and dry with the task of starting from scratch all over again to market the property and get viewings.

One way to avoid this hassle and stress is to consider selling your property to a cash buyer.

Dream House Buyer is a family owned property company that considers all types of property, and we buy property with sitting tenants too. We will make an instant cash offer for any property in the UK, regardless of the size, location, condition or value.

We will buy any property that you might consider a problem - including property with sitting tenants, flats with short leases, problem tenants, unmortgageable and structurally damaged property.  We also buy ground rents and portfolios. If you think we can help, then please invite us to make you an immediate cash offer for your property.

Contact us on 0800 1577 497 or email us info@dreamhousebuyer.co.uk

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