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TV presenter and real estate expert Phil Spencer revealed the five most common things that can go wrong when buying a house - and his advice to avoid them all

Real estate expert Phil Spencer reveals the five most common reasons why property sales fail – and how to avoid them

  • Real estate expert Phil Spencer, 49, revealed the most common ways things go wrong
  • Said & # 39; gazumping and gazundering & # 39; are often problems for buyers and sellers
  • Said: & # 39; Money brings out the worst in people and buying houses is all about money & # 39;
  • One way to avoid problems was to make the deal so & # 39; fast & # 39; possible
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Real estate expert Phil Spencer has revealed the five most common ways things can go wrong when buying a house.

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The TV presenter, 49, who is known to help couples get the best deal for their money at the location, location, location of Channel 4, pointed to five common problems that can arise when buying a home .

Talked about his Move IQ podcast, he suggested that & # 39; gazumping & # 39; and & # 39; gazundering & # 39; could create obstacles for both buyers and sellers.

Phil also revealed that the only way to completely prevent problems was to complete the deal as quickly as possible.

& # 39; Hard reality is that things go wrong when purchasing real estate, & # 39; he said. & # 39; Something is going wrong, people change their mind, people change their heart! Life happens. & # 39;

TV presenter and real estate expert Phil Spencer revealed the five most common things that can go wrong when buying a house - and his advice to avoid them all

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TV presenter and real estate expert Phil Spencer revealed the five most common things that can go wrong when buying a house – and his advice to avoid them all

1. GAZUMPING

2. LAUNCHING

Gazundering can also cause problems for buyers and sellers in home exchange.

& # 39; This happens when a buyer goes to a seller late in the day & # 39 ;, Phil explains.

& # 39; They have agreed on a price, everything goes further and a buyer checks the seller by lowering the price they originally agreed. & # 39;

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He went on: & # 39; It's not a very nice tactic, but money brings out the worst in people, and buying houses is all about money. & # 39;

It is considered a surprise if a seller agrees to your offer on their house, and starts to transfer, before withdrawing to accept a higher offer from someone else.

Although Phil suggested that it wasn't a problem many homeowners were currently dealing with, he said it was the problem that people had heard the most about.

& # 39; Gazumping is something that tends to happen when the market tears away and climbs steeply, & # 39; he explained.

& # 39; It is the seller who chooses to gazum and it is the buyer who gazum. & # 39;

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He added: & # 39; It is very painful, it can be expensive and it really is not very beautiful.

& # 39; But it's a symptom of a fast-moving market and it's a symptom of a deal that isn't moving fast. & # 39;

Phil revealed that arranging the deal as quickly as possible was a good way to avoid buying obstacles

Phil revealed that arranging the deal as quickly as possible was a good way to avoid buying obstacles

Phil revealed that arranging the deal as quickly as possible was a good way to avoid buying obstacles

3. THE HOME EXAMINATION

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Phil suggested that a home investigation often caused problems that buyers might not have known otherwise, causing them to walk away from the deal.

One thing to do to prevent disappointment

Phil revealed that the key to avoiding obstacles was to & # 39; quickly & # 39; to close a deal.

The TV presenter said: & # 39; My advice is to complete the deal as quickly as possible.

& # 39; The longer something lasts, the greater the chance that someone's personal situation will change.

& # 39; They get a new job, they drop out with their partner, have a baby – those big changes in life can affect your decision to buy or sell a property. & # 39;

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He went further: & # 39; What can you do? Speed ​​up the deal and get it done quickly. & # 39;

He said that another problem could arise if you are not satisfied with the investigation.

He continued: & # 39; If the survey yields things that you were not aware of and could not see yourself with your own eyes when you looked through the house.

& # 39; That is a valid reason to walk away from the deal. & # 39;

4] THE MORTGAGE

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Phil revealed that another problem could arise if the homeowner cannot get a mortgage.

He said: & # 39; If the mortgage company does not want to lend you the money, you must walk away from the deal. & # 39;

5] A CHANGE OF HEART OF THE SELLER

Phil suggested that the seller decide that they do not want to sell, ending the deal.

& # 39; The seller can decide that they do not want to sell, they have cold feet and they want to stay put, & # 39; he explained.

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