Surveyors group set to help to reduce fall through rate
The Residential Property Surveyors Association (RPSA) has launched a new ‘Home Review’ service which will help to identify structural problems which create an immediate obstacle to sales falling through.
This “snapshot analysis of key structural risks” will provide information to those in the property pipeline upfront, giving them advanced warning of any potential issues.
A statement issued by the Association read:
“This immediately solves a common inefficiency in the buying process that sees buyers pay up to £1,000 to commission a full survey, only for it to identify a problem of such significance that they’re no longer interested in the property. In such cases, the money spent on the survey is wasted because the sale proceeds no further.”
Alan Milstein, RPSA Chairman, said:
“Buyers suffer delays and lose millions when their survey identifies deal-breaking critical issues that could have been resolved before the property was marketed. We believe this innovative new approach of the seller identifying critical defects at the pre-marketing stage significantly reduces the risk of purchases being aborted after an offer has been accepted.”
“Saving time and money for buyers and sellers can only be a good thing and the RPSA looks forward to creating a new dynamic in the home buying and selling sector.”
The association says this is particularly important when dealing with chains.