completion probability

The chance a transaction actually completes, derived from the chain, the tenure, the finance and what the seller needs.

Roughly a third of agreed sales in England and Wales fall through. An appraisal that treats completion as certain is pricing a different transaction from the one being entered into.

The inputs are unglamorous and decisive: whether there is a chain, whether the title is registered, whether the buyer's money is evidenced, and whether the seller can actually sell — which is where transactions fail far more often than on price.

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