Buying and selling a property can sometimes be an emotional rollercoaster, and as experienced estate agents, it is our responsibility to eliminate unnecessary stresses and provide our clients with regular updates!
Many buyers can be involved in a chain which they are not in control of. And before you know it, you are getting into a long property chain, and we know that sometimes chains can fall apart, meaning your property sale or purchase comes to a stand still…
A collapsed chain can be absolutely heartbreaking for sellers and buyers! But it isn’t uncommon – Consumer body ‘Which?’ surveyed 2,000 homemovers, and discovered “around 28% of people have experienced a property purchase falling through”.
There are several reasons why a property chain may break. But, the good news is, you can do something about it and play your part in making sure the chain keeps moving. So, here are our a few tips on how to keep your house chain moving –
Consider a buyers position as well as their offer amount –
This sounds so simple, doesn’t it? You may get a few offers on your house, but only one may not be part of a chain. This means they don’t need to rely on selling something else in order to move. If you are lucky enough to get two or three people offering on your property (and at the price is right), choose the one who you think will cause the least trouble! Sometimes, a buyer’s position is worth more than a slightly higher offer.
What type of buyers are chain free? Those in rented, first time buyers, people who have already exchanged and completed, living with family or friends, cash purchasers and investors.
Set Goals –
When you are right at the beginning of the process with a potential buyer, make sure you stipulate, through your estate agent, your preferred timescales. Things may not always go perfectly to plan, but if you are all aware of a date you are working towards, it will focus minds and ensure everyone knows the plan and what to aim for.
Top Tip: Be realistic!! You may want your move to progress at lightning speed, but selling your home can be a complex process and take so much longer than you anticipate – it is best to give yourself a rough timescale with some flexibility.
Be Prepared –
When you’re thinking about property chains, it’s easy to think about what the other parties are doing, and focus on how they can stop your chain from breaking. But don’t forget, you’re part of the chain too, so don’t be the one who holds things up!
Make sure your paperwork is in order, finances organised and mortgage offers are on the table. Always respond in a timely manner to questions and enquiries from your solicitor or agent! Communication plays a vital part in progression…
Respond Well –
Keeping the chain moving takes good communication from all parties, and that includes you. Your conveyancer or estate agent may need information quickly or an email response before close of business on a particular day. Be accessible, and make sure everyone has the correct contact details for you.
Respond to any queries promptly to avoid delays in clarification. If you need to seek out information that you don’t have to hand, don’t put it off, get in touch with your agent who will always be there to help.
Use Experienced Professionals –
You’re selling your house, which is probably your biggest asset – so you should ensure that you have professionals doing the job for you. Choose the right estate agent, not necessarily on their fees, but on their experience and ability to keep things moving. You want them to be progressing and chasing where necessary and making those calls, sending emails and chasing third parties.
You need a good relationship with your agent and conveyancer, so making sure you are on the same wave-length and you get a good vibe is important. Remember, how they act with you is also how they will act with potential buyers!
Think Outside the Chain –
If there’s a problem with the house chain further up, consider selling your property and renting or finding somewhere to live until the right property comes up for you rather than risk losing your own buyer. This might not work for all sellers, of course, if you’ve got your heart set on somewhere in particular, it could be an option.
Be Agile –
Should a property chain break, and you lose the property you were going to buy, make sure you can move quickly when it comes to other alternative properties. Is it possible for the chain to discuss the issues and come to an agreement, perhaps to negotiate on prices or breaking the chain?
If you’re ready for all eventualities, then a broken chain may not lead to your heart breaking too. It really doesn’t have to be a dead-end.
These are just a few helpful tips which can keep your sale together or help you meet your deadlines. If you want expert help on buying and selling or any advice, then simply get in touch with your local partner agent!
