What happens if my buyers change their minds?

What happens if my buyers change their minds about my house? 

Do you currently have a house on the market in Wokingham, or are you considering selling your home in the near future? 

If so, you may be wondering what the process involves, particularly if it’s been a while since you last moved.  Maybe you're anxious about selling because someone you know has had a bad experience with buyers?

Have you recently accepted an offer on your property?  If so, you may be wondering how likely it is that the sale will go through.

If you are anxious about your buyers changing their mind, we would like to offer some positive and constructive advice on how best to avoid this situation.

We’d love to be able to reassure you and say that every single sale goes through without any issues, but sadly that’s not the case.  It’s virtually impossible for any estate agent to guarantee that a sale will complete, and it’s worth asking what percentage of sales agreed reach completion.

The simple answer to the above question is yes - buyers can change their mind. 

In fact, buyers can change their mind at any point during the process until exchange of contracts.  If they decide to pull out once contracts have been exchanged, they are breaching the sale contract and penalties will be incurred (typically 10% of the sale price of your home) so even though they can still pull out, it’s extremely rare. Once contracts have been exchanged, you can start to plan the celebrations.

The reasons why a buyer may pull out of a purchase are often out of the vendor’s control; they could simply have changed their mind, or maybe there are personal reasons or unforeseen circumstances involved.  Either way, it’s not a pleasant experience to have to go through. 

There are some steps you can take to minimise the chance of your buyer pulling out.

We have come up with a few ideas: -

• Make sure you know the situation of your buyers before you accept their offer on your home as this can make a big difference.  If you’re lucky enough to have more than one offer on the table, choose the buyer with the most potential to complete (your estate agent will guide you on this), for example, buyers who have cash will probably be more secure than choosing a buyer who is relying on a large mortgage.

• Be honest from the very start of the sale.  Don’t hide a problem from your buyers as it may come back and bite you.  We’re not suggesting that you list every single tiny thing that is wrong with your property, but if it’s something that could be a deal-breaker, don’t hide it as it may simply cause you disappointment further down the line.  Honesty is always the best policy.

• Be flexible.  The survey may bring up issues with your property which are enough to worry the buyer, so it’s worth being prepared to take a small hit in order to keep a sale on track.  Let’s say, for example, that a survey brings up issues that will cost your buyer £1,000 to sort out - rather than lose the sale, why not offer to contribute?    

• Don’t act hastily.  By this we mean that you should think things through before reacting to any issues that crop up.  Sometimes house sales can, for various reasons, become quite stressful.  We recommend that you discuss any worries with your estate agent who will be able to offer advice and put things into perspective.  Try not to let the pressure build up and offload worries as they arise and this way you will hopefully avoid any disagreements with your buyers.

• Keep in regular contact with your solicitor and estate agent to keep things moving steadily and smoothly.  Complete any forms you receive from your solicitor quickly and answer any queries from your buyers as soon as you can, as this avoids your buyers becoming frustrated and annoyed.  

On a positive note, it’s important to remember that most house sales do complete, so try to keep this in mind if you are becoming stressed about yours.

If your home is currently on the market and you are unsure how to proceed, please ask we are more than happy to help.  You may find our ‘Buying Made Easy’ Guide helpful which you can download here