Broken Property Chain
If you’re buying a new property, chances are the person selling you their home is also buying another property to move into. In fact you yourself may be relying on the sale of your own property to help you buy your new one. In is a fact that most properties on the market in the UK are part of a chain of other property sales and purchases.
National Homebuyers are aware that almost a third of house sales a month actually fall through mostly down to property chains breaking. It is never a good feeling to think that everything is going well with the sale or purchase of a property only to find out it has collapsed due to a broken chain.
The problem is that an offer on a property is not actually legally binding which means the buyer/seller can pull out at any time for any reason. In fact the there are many reasons why a property chain gets broken and the person may in fact never really find out why the other person pulled their offer.
On the other hand, a property buyer/seller can get tired up in a property chain for as long as 18 months before they make a success transaction.
If you have been the victim of a recently broken chain or you don’t have the luxury of continuing to wait in your existing chain then contact National Homebuyers, who are a UK property buying company, and we will be able to help you move faster by offering a straightforward instant cash offer for your property.
What is a property chain
A property chain describes a sequence of linked house purchases, with each property dependent on the preceding and succeeding purchase.
So in a property chain, everyone is dependent on the relative success of another transaction in the chain. This is where the problem inherently occurs because it only takes one deal in the chain to fail to result in the whole chain potentially collapsing. To use an analogy it’s a bit like dominos, buyers and sellers are all part of a chain of transactions. If one falls, the rest start to fall too, creating a domino effect. A property chain will only progress at the pace of the slowest link and is dependent on the weakest link.
Property chains usually collapse because the property buyer isn’t able to obtain a mortgage for the amount they’ve offered. National Homebuyers are aware that property chains are almost inevitable in the buying and selling of properties on the open market, In fact, only around 10% of property transactions in the United Kingdom have no property chain.
Why property chains break
Life is full of hitches and when you are part of a property chain and you are relying on several other outside influences for success anything that can go wrong usually will. There are many reasons why a property chain will end up breaking:
- The buyer/seller simply changes their mind and no longer want to buy or sell.
- The buyer cannot get their required mortgage approved.
- A survey reveals issue with the property and the buyer walks away.
- The buyer/seller faces foreseen financial difficulties like redundancy.
- The buyer/seller face foreseen personal circumstances, such as bereavement or divorce.
- The buyer/seller falls seriously ill.
- The seller can’t find another property to move into.
- Someone in the chain is gazumped – meaning someone is offered more money.
- Unstable economic climate causing the buyer/seller to pull out.
Sell your house fast for cash
Because getting involved in a property chain is a risky venture when you are trying to sell your house, many sellers avoid it altogether by selling their property direct to a cash buyer by National Homebuyers.
If a property chain breaks or you are held up in one that is taking longer than expected this can cause a major financial problem and psychological angst, especially if require cash fast or you need to move quickly.
Selling your house fast for cash allows you to overcome these issues. Another advantage of selling your property for cash to National Homebuyers mean you actually become chain-free which then gives you an advantage over other buyers and sellers on the property market.
National Homebuyers are not worried about your financial situation or the reason for selling your home, we can provide you with a cash offer for your property and help you move in as little as 14 days. We will buy any house in any condition and in any location in the UK quickly for cash.
National Homebuyers fast house sale service helps you sell you property quickly by providing you with instant cash for your property so you are not restricted by a chain. Unlike other sell house fast companies we have our own instant funds and we don’t use investors or need to arrange a mortgage, resulting in a quicker house sale.