Fall throughs are an inevitable part of the buying and selling process in the property market – but not if we can help it.
As the market continues to change dramatically, so do the lives of those looking to buy and/or sell properties.
In the first quarter of 2021, the national average of fall throughs was 32% and without mitigating factors, fall throughs usually sit at 30% across the property market. With a number of variables involved in the process of exchanging on a property, some things don’t align and unfortunately prevent the sale from completing.
We understand that this is an incredibly frustrating situation to be in, which is why our bespoke processes are designed to ensure property sale and purchase is smooth and successful for all involved.
What is a fall through?
Technically, a fall-through occurs when a property sale has been agreed but the deal collapses. This can happen during the many stages of the buying process, but it can be avoided.
As there are so many moving parts involved in the buying and selling of a property, fall throughs can happen for a number of reasons and unfortunately are not as uncommon as you might think.
What are the most common reasons for fall throughs?
- Change in the financial situation – While we work to qualify our buyer’s affordability, many estate agencies will not qualify their buyer’s circumstances and affordability. This is something that has become particularly prevalent during the COVID-19 pandemic, as more and more lenders revoke previously accepted mortgage applications due to circumstantial changes.
- Issues with the chain – Chains are tricky and we are seeing an increased risk of them collapsing nowadays, for a myriad of reasons. In what is becoming an increasingly fast-moving property market, it can be overwhelming at times to get all your property ducks in a row, but this is essential to minimising the risk of a fall-through due to a collapsed chain and will, in the long term, save you time, money, and disappointment.
- Change of heart – Purchasing a property is said to be one of the most stressful experiences a person can endure, but one that we aim to make as seamless as possible. Given the enormity of money that is behind the purchase of a property, it is imperative that the buyer is sure they are making the right decision. Perhaps the hardest pill to swallow is that we are all human, and we are all entitled to change our minds. Sometimes a change of heart is unavoidable, but our experienced teams are well-equipped to spot the signs of a potential wobble and advise accordingly.
- Inadequate survey results – Occasionally survey findings will present an issue that was not common knowledge. Our team of professionals are well-equipped to make the appropriate recommendations for solutions, from further investigations to price re-negotiations, when appropriate.
What makes Mishon Mackay different?
At Mishon Mackay, we stay one step ahead to ensure your property journey is a smooth and enjoyable one.
While we admit that some circumstances are unavoidable in such a volatile property market, we strive to implement strategies that prioritise the successful sale and purchase of properties for all of our clients, at every step of the way.
By prioritising the sales journey and monitoring sales progression, our teams of friendly professionals are able to ensure the reduction of possible risk.
We are proud to confirm that as a result of these efforts, our fall through rate is around half the national industry average.