How to React to Property Chain Gripes
If you’re considering selling your home and buying a new one, chances are you will be involved in a property chain. These can range from two or three properties, to well over 10 and beyond. Inevitably, with so many people and variables involved, property chains can be subject to complexities. If one link in a chain pulls, the whole chain can fall apart. This can leave you out of pocket and back to square one with selling and searching for a new home.
Why do property chains break?
Nobody wants a property chain to break and, more often than not, there is no malice, and nobody is really to blame. Chain breaks are part and parcel of the market and house sales collapse all the time. Some of the most common reasons chain breaks occur are:
- Mortgage or financial issues
- Cold feet or pulling out
- Seller hasn’t found a property
- Home survey disputes
What happens if a property chain breaks down?
Buying or selling a property can be extremely stressful without a chain break. Factor in a broken chain and some individuals begin questioning their sanity and find the set back demoralising.
Along with the emotional turmoil, you can lose a significant amount of money if a chain breaks. If you pull out of a deal you will lose your deposit if you have exchanged contracts. Other money lost can include solicitor and surveyors’ fees and mortgage arrangement or booking costs.
How do I stop a chain breaking?
Unless you are the party considering breaking a chain, there is no way you can prevent a chain from falling apart. All you can do is limit the impact you have on the chain; remain organised and follow procedures to the letter. If you do your part, the process will be seamless where you are concerned and there will be no reason for any confusion or aggravation over things you can control.
Ways in which you can lessen the chance of a chain break on your part include:
- Be honest about your finances
- Have a mortgage in principle before house hunting
- Be realistic with your house choices
- If selling, be honest in regard to condition
- Set a realistic value
- Don’t try and hide any issues
You could also considering mitigating the need for a chain at all by opting to sell through a cash house buyer.
Can I save a broken chain?
If a chain breaks it doesn’t always end in a total disaster for you. If you have lost out on a property you were all ready to move into, cut emotional ties and start looking at similar homes. Get in contact with estate agents and explain your situation, they may be able to suggest properties they aren’t even marketing yet.
If you are the party selling and a buyer pulls out, start searching for another buyer. Make sure you keep all parties in the loop and perhaps consider lowering your asking price if you’d like to secure a fast sale. Alternatively, if selling your home quickly is key, you could utilise the help of a cash house buying company.
Should I break a chain myself?
Does it make sense to deliberately break a property chain? In some cases, yes. As there are so many variables with long chains some buyers make the decision to purposefully break a property chain to minimise the potential for things to go wrong. As a buyer or a seller, the smaller the chain the better advantage you have over buyers and sellers. However, it is worth remembering that by tenaciously disrupting a property chain you are jeopardising the future of other buyers and sellers.
Alternatives to the traditional market
If your chain is suffering, there are alternatives to consider. If it is a financial issue, sometimes entire chains agree to a reduce in sale price, but this is rare. Some individuals also consider bridging loans as a last resort.
However, if you are completely sick of being involved with chains, why not get in contact with WeBuyAnyHome today? As cash house buyers we have the funds available to buy your property now. This means we’re completely flexible and can align with your plans if you are buying a new home – we can even purchase properties in as little as seven days. If you want a chain-free property sale get a free cash offer from us. Alternatively, if you have queries, give us a call on 0800 002 9141.