A Guide To Property Chains When Buying Or Selling
Property chains can be one of the most frustrating aspects of selling a home. They can make or break a sale and sometimes leave you with your dream home slipping away.
Of course, there are many cases when a chain can run smoothly too, and this guide will help you understand what to do in all eventualities.
Below you’ll find all you need to know about property chains to ensure you’re well informed to make the right decisions for you.
What is a Property Chain?
A property chain is relatively simple to understand and happens when a series of homeowners are wishing to sell and move into another home. They are all reliant upon each other for their own sales to run efficiently in order for them to sell and move also.
Essentially this usually happens when someone who wishes to move home has to sell in order to complete their move.
If there is a break in the chain it can affect the whole deal and potentially lead to a series of moves collapsing.
Why Would A Property Chain Collapse?
There are a number of reasons as to why a property chain might collapse, and there are many reasons as to why you should be wary of this.
Among the main reasons a chain may collapse are:
- A buyer within the chain can’t secure a mortgage
- A buyer pulls out at any stage
- Gazumping: This is when a seller accepts another offer which is bigger than the previous seller
- Gazundering: A buyer lowering their offer at the last minute and it being rejected
- A seller taking their home off the market
How A Chain Can Be Fixed
There are many ways in which a chain can run a little more smoothly and in some cases they can be relatively simple, whether you’re a buyer or seller.
Some of the main ways people ensure a chain stays fixed is by doing the following:
- If a person rents or stays with family or friends rather than buying and selling at the same time
- Buying a new build places you at the very front of the chain
- Selling to a first-time buyer will ensure you have no chain beneath you
- Consider a cash buyer
Sell Your Home To Fast Cash Property
Here at Fast Cash Property we are cash buyers and can make you an offer in as little as 24 hours.
There’s no chain with us and we work at a pace to suit your needs. We’ll buy a home in any condition and can make the entire process as quick or slow as you desire.
We can offer advice and help every step of the way and if you get caught up in a chain further up the chain, we’ll still be ready and waiting to buy your home when you need it.
If you’d like to know more, speak to a member of our team and get your sale without the fuss started today!