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“The property chain” is one of the most common catchphrases that you might hear throughout your home-buying journey. What it is, is quite easy to understand: the chain of homes involved in your purchase and/or sale. But with every house sale depending on the sale before and after it, being in the property chain can be precarious.
In order for you to buy your next property, you have to sell your current home. In order for someone to buy your current home, they need to sell theirs. The property chain is simply all of the property transactions that are occurring either side of your purchase. You would be forgiven for thinking that chains can go on and on as the whole system is so closely connected and reliant on other people but the average chain length varies greatly depending on your situation.
The chain begins and ends when a party does not need to sell or buy respectively. This can be because they are first time buyers, they are relocating to a property they already owned, are purchasing a second home… the list goes on. The chain can be anywhere from ten buyers and sellers to having no chain at all!
The property chain can seem scary at first, your sale or purchase can depend on a number of other people working together with everything going according to plan. This is why buying chain-free is the preferred route for many homebuyers.
There are a number of benefits that come with being chain-free and why buying a chain-free property is such an appealing position to be in.
If you are looking to buy a property and you don’t have a chain, you are a more attractive prospect for sellers. Being able to assure a seller of a quick and less stressful process can be invaluable when it comes to the property business so reducing fears and worries to a minimum is often people’s priority.
Hesitations can arise when accepting an offer on a home as it usually comes with the condition of another sale having to take place first. By not having this as a worry, your seller no longer has to consider the other parts of the chain that are involved, had it been longer. Instead it is lowered to just two parties.
This is, essentially, why being chain-free is such an appealing position to be in. It eliminates the variables that often result in a house sale falling through. If a chain has ten parties involved - which can occur - all ten sales have to go through at the right time and without issue which can be a very tall order. The reduced stress, pressure and reliance all means that completing your purchase is as easy as it could be.
If you are looking to sell but worry about the risks involved in being in a chain, you have alternatives. Contacting a property cash buyer, such as Spring, will allow you to sell your home privately and quickly, giving you the chance to just focus on the purchase with the sale fully taken care of.← RETURN to BLOGS
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