You have accepted an offer on your property however there is a process to go through to finalise the sale and exchange contracts.
By accepting an offer doesn’t mean the property is sold, often sales can fall through, mostly due to the following:
Why?
- Unfavourable building inspection.
- Unfavourable pest inspection.
- Unapproved improvements at the property. ie pools (non compliant), sheds, extensions, patio covers & carports.
- Buyer’s finance falls through due to valuation being lower than sale price.
What can you do to avoid this happening?
1. Carry out any small repairs that you are aware of, most of these can be done at little or no cost. If you are aware of more serious problems with the dwelling talk to us and seek advice from your solicitor. It is better to try and rectify any problems now than after you have accepted an offer.
2. Have you seen a building inspection report? They are a defect report listing all that is wrong with the property. Often buyers haven’t seen a report either and without building knowledge can become put off by defects that are listed, they might not understand the cost involved to rectify. Therefore any minor repairs should be attended to prior to selling. A long list of repairs can start a buyer questioning if a property has been well maintained.
3. Check when your last pest inspection was. Consider whether you need an inspection now or you need to have any previous problems checked by a pest inspector. If you think there may be a problem especially with termites, discuss with us and seek advice from your solicitor.
4. If you are not certain that all improvements at the property have been approved by a certifier you should check the property file at council. If you know improvements were made without council approval you should discuss this with us and seek advice from your solicitor.
5. Valuers will use recent sales to establish the value of your property on behalf of the purchaser’s mortgagee; these will be the same sales that we referred to you in the market appraisal. If there is a discrepancy in the value, the mortgagee may not proceed to lend to the purchaser.
If you have any concerns regarding the sale of your property contact our staff to discuss on 02 6882 6822 contact us through our website www.bobberry.com.au