Property expert reveals why purchases fall through and how to avoid it

Buying or selling a home can be a complex process, with many moving parts of the puzzle needed to fall into place. Would-be buyers can be frustrated in their efforts by a number of common snags, including valuation issues and last-minute gazumping. Terry Fisher, property guru at leading home buying service We Buy Any Home, said: “Buying or selling a home can be an incredibly stressful time as so many plates are being spun at once. “If one of the plates falls, it can spell disaster for the home purchase. “Often the snags that bring a halt to the transaction are entirely avoidable, which makes it all the more frustrating. “These can include problems with the mortgage paperwork, buyers or sellers changing their mind or another buyer coming in with a higher offer than yours. “But knowing what to look out for and how best to make sure everything runs smoothly can make a huge difference to your chances of a successful purchase.” While statistics for house sales falling through vary from area to area, some estimates claim as many as one in three transactions fell through in the UK in 2021. This can cause major headaches for other people in a chain who are dependent on the transaction, and can be stressful for homemovers who are dependent on a smooth sale. Top five reasons why house sales fall through - and how to avoid them Buyer/seller changes their mind Even if everything seems to be in place, either party can change their mind until contracts are exchanged. This might happen due to personal circumstances or a breakdown in another link of their chain. While you can’t entirely prevent this, maintaining open communication and aiming for a swift transaction can reduce the likelihood. Mortgage offer declined A common stumbling block occurs when the buyer’s mortgage application is rejected and leaves them without the funds to buy the house. This may happen if the buyer doesn’t meet the bank’s criteria due to bad credit or insufficient income. To avoid this, buyers should ensure they are fully up to speed with their credit rating and they meet the bank’s affordability requirements before making an offer. Valuation issues Disagreements on how much a property is worth are common but sometimes one of the parties simply won’t budge. To avoid this, both sides should be realistic about the property's value. Sellers should research comparable properties, while buyers should ensure they aren't overpaying. Problems revealed in the survey House surveys can reveal unexpected problems, from minor issues like blocked gutters to major concerns such as subsidence or asbestos. Be prepared for these findings, as they may lead to renegotiations or repair requests. Last-minute gazumping Gazumping - where another buyer offers a higher bid at the last minute - can be incredibly frustrating for would-be buyers who had their heart set on the property. While you can’t prevent someone from outbidding you, positioning yourself as a reliable and prepared buyer with cash or ready paperwork can make you more attractive to sellers.