"Making it onto the property ladder is one of life’s milestone achievements, but it’s a process that can be fraught with pitfalls around every corner"
- Colby Short - GetAgent
The latest market insight by estate agent comparison site, GetAgent.co.uk, has revealed that it’s not ghosts and ghouls haunting homebuyers, sellers and estate agents this Halloween, it’s the spine-tingling prospect of a transaction falling through that will keep them awake at night.
A new survey from the firm revealed that there was one thing that ranked top for buyers, sellers and agents - which they believe to be the scariest thing anyone can encounter during the transaction process - the dreaded fall-through.
The prospect of a transaction collapsing and all three parties having to return to square one ranked top by some margin across all three parties involved in a sale, but what else can cause sleepless nights?
For homebuyers, discovering structural issues such as subsidence within their property of choice ranked second.
The prospect of having their mortgage in principle withdrawn or reduced came in third, whilst a particularly long chain and the conveyancing process also ranked within the top five.
When it comes to the most frightening things a seller can encounter when looking to transact, agents voted the dreaded down valuation following surveys as the second scariest thing that can occur.
Losing their onward purchase also ranked highly, as did a long chain and only receiving offers well below their asking price.
As for agents, sellers overpricing and refusing to accept current market values came in at number two after a fall-through.
Buyers looking to make their move without finance or a mortgage in principle in place came third, with structural issues and over-involved buyers and sellers also sitting within the top five.
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented: “Making it onto the property ladder is one of life’s milestone achievements, but it’s a process that can be fraught with pitfalls around every corner, whether it’s delays due to a chain, structural issues flagged in surveys, down valuations or, of course, the dreaded fall through - to name but a few.
"The nature of the property transaction process in the UK means that sometimes such pitfalls are unavoidable. However, these issues are faced by agents on a daily basis and the vast majority will have the experience and expertise to negotiate them as successfully as possible.
"As a seller, opting for the very best agent in your local market will maximise your chances of success, as long as you rely on the advice and guidance they provide.”
