When all parties have supplied their solicitor details we’ll write to everyone outlining the agreement of the sale and any relevant information e.g. timescale to exchange.
There is a definite correlation between the time it takes to get from under offer to exchange and the reliability of the sale – the longer the gap, the much higher the risk the chain will collapse or buyers will simply change their minds.
For this reason, once the sale has been agreed, a period of sales progressing is entered into, whereby we liaise with other agents in the chain, solicitors and you to ensure that all is moving towards exchange of contracts.
Other agents in the chain are usually our only contact with other buyers and we need to know that surveys are being done and all legal work is progressing well for all parties. As agents, we have a better understanding of the sale process and can chase surveys/mortgage offers and make sure contracts have been sent out and queries answered.
We’ll update you at least weekly and more frequently if something important happens.
By thoroughly investigating offers prior to acceptance, we’re able to reduce the chance of a sale falling through, although there are some circumstances impossible to foresee. Sometimes an insurmountable problem arises, or a buyer is lost further down the chain, which means the sale cannot move forward.
Your buyer may withdraw due to a change in their personal circumstances e.g. divorce, redundancy, unexpected relocation. There may be a problem with the property itself that is uncovered at survey or through the solicitor discovering an issue which cannot be negotiated around e.g. boundaries, defective title, nearby planning application.
Sometimes your buyer simply changes their mind or sees another property they prefer. It may be that your buyer is unable to raise the necessary finances.