Mortgage problems: sales can often fall-through when a buyer’s mortgage offer expires or is altered due to a change in circumstance. Down-valuation, when mortgage lenders value a property lower than the buyer has agreed to pay, can also lead to sales falling apart.
Silas J. Lees MRICS, WiggyWam CEO, says: “Agents don’t get paid until a sale completes, so these fall-through statistics hide within them a vast unseen cost for agents. Aborted sales can be disastrous to the agent pipeline and in meeting monthly overheads.
“There needs to be a push in the market; a move towards more transparent and efficient processes. It’s the only way for fall-through rates to significantly drop. This is why WiggyWam has reintroduced Seller’s Packs to the market with the aim of increasing transparency and slashing transaction times in half.
“When fall-throughs do occur, agents plugging into our ‘Conveyancing Concierge’ service have the ability to remove a lot of pain by firstly offering an affordable indemnity policy covering the majority of their abortive legal costs.”