The Wild Cards That Can Derail a Property Sale
You’ve accepted an offer and the contract is signed. It feels finished, but it isn’t yet.
Between signing and settlement, a contract still has conditions to clear. Most sales get through them without trouble. Some don’t. These are the cards we see drawn most often in Toowoomba, and what you can do about each one.
Wild Card ONE: Finance delays
Go back three spaces...
The buyer is ready. Their lender isn’t. If the contract is subject to finance and approval doesn’t come through by the finance date, the buyer can terminate and your property goes back on the market.
How to play it: Before you accept, ask how far along the buyer’s pre-approval is and who they’re borrowing through. A higher offer on shaky finance can be worth less than a lower one that’s ready to go.
Wild Card TWO: Building and pest finds something
You’ve drawn: Termites
It could also be water damage, a tired roof or something nobody knew was there. Depending on the contract and what turns up, the buyer may ask for a lower price, a repair, or walk away completely.
How to play it: Get any likely issues looked at before you list. If you already know about a problem, you can price it in or fix it. If you don’t know, it becomes a negotiation on the buyer’s terms.
Wild Card THREE: The valuation comes in low
Miss a turn.
You agree on a price, and then the bank’s valuer doesn’t. When the valuation lands under the contract price, the buyer has to cover the gap themselves, ask you to come down, or in some cases rely on their finance clause to exit.
How to play it: Price your property on recent comparable sales, not on hope. Your agent should also give the valuer the evidence that supports your price.
Wild Card FOUR: The buyer has to sell first
Wait for the dice.
A contract subject to the sale of the buyer’s own property ties your timeline to a sale you have no control over. If theirs stalls, so does yours.
How to play it: Look at where their property sits in its own campaign, and make sure the contract lets you keep marketing yours in the meantime.
Expect the unexpected
You can’t take every wild card out of the deck. You can go in knowing which ones are likely, set the contract up properly and have people around you who’ve dealt with them before.
Thinking about selling in Toowoomba? Talk to the Hot Property team about your next move.