This is one of our favourite ways of finding properties, where sellers are likely to be highly motivated.
As we hope we’ve made clear, this is an important aspect of looking for investment opportunities and a great way of procuring property at a discount.
When you are looking for properties where a sale has fallen through, in our experience, Rightmove is the best platform to use.
NB If you’ve already built a shortlist from the previous lesson on finding properties that have been on the market for a long time, we advise that you create an entirely new Rightmove account for the shortlist we will create in this lesson.
That way you can keep your lists separate.
The process is as follows:
All the properties, now saved in your account will have an ‘under offer’ or ‘sold STC’ tag next to them.
But if you spot that a tag has been removed from a listing, then you know that the sale has (likely) fallen through.
Not only would this likely mean a frustrated seller but it also gives you the means to investigate further.
By picking up the phone and speaking to the agent or the seller and asking what happened to the sale you may glean important information about the property.
Should you then go on and negotiate a price, this information could end up being very useful.