This usually comes about as a result of the buyer's offer being conditional on his being granted a bond, or on selling his existing home, or some other property. "It happens all too often that, just when it all seems to be going well, it becomes clear that the buyer's previous home, for which he was totally confident of finding a purchaser, is in fact not going to sell - at least not in the immediate future.
"Alternatively, it becomes clear that, despite the buyer's confidence and assurances and even the initial encouragement from the bank, he is not going to be granted a bond. In both of these cases it means that the subsequent agreed sale cannot go ahead," says Rawson.
The only people who benefit from this situation are the lawyers - but even with their help such problems can take months to sort out, especially if the buyer is from another town or, as quite frequently happens, has moved into his new home on an occupational rental basis.
Any estate agent who allows such a situation to arise, is acting with an extreme lack of professionalism because checking on previous sales progress and/or bond applications is the primary duty of any good agent. Private sellers who end up in this predicament have only themselves to blame.
