How to sell your property to a reliable buyer

In an ideal world, as soon as you put your home on the market there would be an orderly queue of chain-free cash buyers. Unfortunately, your property sale journey might not be plain sailing. As you search for a quick sale to a reliable purchaser, you will probably encounter irresponsible property buyers along the way, given nearly two in five sales fall through simply because the buyer changes their mind.

The losses incurred by buyers and sellers through failed property transactions amount to hundreds of millions of pounds each year. To put this in context, for a failed transaction each homeowner typically loses £2,700, as much as most people spend on the first car. 

With this in mind, finding a reliable buyer is a priority. Fortunately, there are steps you can take to help you spot a reliable buyer and avoid time wasters.

A motivated buyer will ask insightful questions

Whether during viewing or after, a genuinely interested prospective buyer will want a lot of information about your home and the local area. If they're considering a move, they need to assess if your home is right for them. If a buyer has little interest and asks no questions, treat any offer they make with caution.

They treat your guide price seriously

An offer below the guide price does not necessarily indicate that a potential purchaser isn't serious. If they are able to buy your property for cash, for example, they may think you'll be happy with the cash offer in return for a quicker sale. But a wildly low offer might be a red flag. If this is their dream home, why risk losing it?

Similarly, an offer above the guide price might indicate earnest intent, but an unreliable buyer will have little intention of following through with it or may even plan to gazunder you.

In all cases, we recommend a potential buyer has a mortgage agreement in principle from their lender before accepting their offer, otherwise, you can expect some delays.

Communication and cooperation

The vast majority of serious buyers will be keen to help the property transaction process run smoothly. They will be responsive to communications and proactive in providing documents. If there are endless paperwork delays and unreturned calls, be wary you may have found yourself an uncommitted buyer.

If you are part of a house chain and your buyer drags the process out too long, the whole thing might collapse. It's best to spot unresponsive potential buyers early before accepting an offer. If they abruptly cancel house viewings, show up late or give evasive answers to your questions, it's a sure sign that they will be equally unreliable later in the process.

Discuss concerns with your estate agent

If an offer comes from a potential buyer you suspect lacks the funds or the motivation to follow through, your estate agent can help. As seasoned property professionals, your estate agent will have seen all sorts of customers and have an eye for the frivolous or shady ones. They are keen to earn their estate agent fees, so let the agent ask some probing questions to ensure the offer is genuine before moving ahead.

Ask the buyer questions

The more you learn about a potential buyer's situation, the better. They should be willing to give unambiguous answers during the selling process. If they are reluctant to answer questions about employment or their mortgage application, take it as a warning sign. You need to know if they are part of a house chain too and whether their timescale for moving matches yours.

Trust your gut

If a potential buyer makes you feel ill at ease, don't dismiss the feeling. It could be that your instincts are saving you from the stress of dealing with a difficult or, worse still, dishonest buyer. Do they strike you as an open, honest and trustworthy person? Of course, an underhand buyer might try to manipulate you but your gut feeling can get past that.

If in doubt, get expert advice from your estate agency. As we've already said, they will be motivated to complete the sale and get their commission fees.

While a potentially uncommitted buyer may seem better than nothing, it isn’t always. For one thing, it can mean costs, but it also means taking the property off the market for a period when other legitimate offers could come your way. Plus, having to re-list a property on the market carries a huge stigma, affecting the ultimate sale price.