Buyer Surprises: Spot Red Flags Early & Limit Late Revelations

Good foundations are the bedrock of a solid sale, and selling your home has enough riding on it without adding buyer surprises into the mix.

But you don’t have to look far in mainstream or social media for tales of homeowners wondering “why didn’t they say that before?” after their buyer drops a late revelation.

And even though they are the exception rather than the rule, many roadblocks have red flags that could have been spotted very early on.

Whenever one of the homes we sell forms part of a chain, there’s a clear correlation between how the other sales are put together, and the ones that run into issues.

While it’s quite normal to meet the odd hiccup as your sale progresses, you can also reduce the risk of unnecessary delays, so let’s take a look at:

• Why do buyer surprises happen?

• Initial warning signs

• Conveyancing concerns

• Limiting late revelations

• Handling unexpected twists
  

It may sound counter-intuitive, but some surprises are predictable, and the most reliable way to avoid them is to know what to look out for, and that starts here.

Why do buyer surprises happen?

Outside of the usual ups and downs of the moving process, most buyer surprises come about through misunderstandings or a lack of clarity when a sale is agreed, such as:

• Unclear expectations around moving dates, where it becomes apparent that the seller and buyer, and perhaps other sellers and buyers in a chain, have no clear timeline agreed.
  
  
• Extra questions after an offer is accepted or much further down the line arising from the way a buyer intends to use a property, perhaps through extending or making significant alterations.
  
  
• Very occasionally, a buyer may leave out or massage information when they make an offer because they feel it will ruin the chances of their bid being accepted.
  

Regardless of where a surprise comes from, they’re always frustrating, and even more so when it's obvious they could have been cleared up at the very beginning.

Initial warning signs

Most buyers are completely upfront about their financial status and ability to buy, but there are times when things aren’t so clear, and more investigation is needed. Typical examples include:

• Being sure that getting a mortgage won’t be a problem, but not having spoken to a lender or broker yet to get an agreement in principle.
  
  
• Any kind of vagueness around having a property of their own to sell or, if some of the funds are coming from someone else, whether they need to see your home to approve the deal.
  
  
• Offering a fast sale verbally to secure your home but not wanting to commit to it in writing, which can suggest that they already know they’re unable to make good on the promise.

Most of these come about through the fear of losing a home, rather than any kind of trickery, but any loose ends like these really do need tying up before you accept an offer.

Conveyancing concerns

The rise of the cut-price conveyor-belt style conveyancing service came with the promise of a cheaper service and more efficient process, but these two rarely go hand in hand.

• The cheap conveyancer model prioritises high volume over speed or customer service, and we encourage buyers to pick a solicitor who is truly accessible and accountable.

• Most agents groan inside when a buyer (or seller) says they intend to use a cheap factory-style conveyancer, because we’ve had so many bad experiences.
  
  
• Systems are only as good as the people using them, and overloaded conveyancers often struggle to keep their online portal updated. It doesn’t simply happen automatically.

Ultimately, being held at arm's length by a distant team with minimal contact soon gets very frustrating, turning those initial cost savings into a source of regret. We’re just not sure it’s worth the risk.

Limiting late revelations

The best defence against a surprise announcement by your buyer when you’re weeks or months into your sale, is your estate agent’s procedures for verifying offers. As standard practice, they should:

• Ask to see a copy of the buyer’s mortgage offer in principle, along with proof of funds for the remaining amount, where they are coming from, and that they are readily available.

• Require every offer to be put in writing, along with any terms or expectations, whether there is a chain, how far progressed, and any compulsory or flexible timescale.

• Talk to the buyer’s estate agent to confirm those details or, if the buyer is selling privately, to confirm the current position with their solicitor.

This is where a great estate agent really comes into their own, and our blog on How To Test Estate Agents is full of tips to help you find the perfect one for you. 

Handling unexpected twists

Even with the most scrupulously arranged sales, the unexpected can still happen. It doesn’t always mean disaster, but it does require tackling things head-on, and with a level head (which isn’t always easy).

• If your buyer’s sale falls through, a chain breakdown could put your purchase at risk if you’re buying another home, so your agent needs a plan to protect your move.

• An unforeseeable event in your buyer’s life, like a bereavement, illness or family issue, requires a balance of understanding along with figuring out how your sale will be affected.
  

• Where a buyer’s survey reveals unexpected problems, it may entail further reports, delays, and even renegotiating your sale price if any necessary repairs are costly.

• Very occasionally, buyers get cold feet, and your agent needs to work with them swiftly but gently to reignite their passion for your home, or to set about finding you a replacement.

When it comes to unexpected twists, you simply can't plan for every scenario, but a good agent will be on your side and on the case to keep you moving forward.

Are you planning to sell soon?
Moving is a major milestone, and we know you have a choice of estate agents in the Wilton and Salisbury area,  so we’d love to show you how we can add real value to your home and move.

We’re here to make your experience as smooth and sure as possible, so call us on 01722 580059 or email us at info@piccoloproperty.co.uk for a chat with our team.