Karen Cureton, of house moving service, letsmovehouse, discusses the dreaded property chain.
Generally, buyers cannot proceed with a sale until they have sold their existing property which means they are dependent upon others , eg. a chain of buyers.
The sale of each property is dependent upon the sale of another further down the chain, and so on. Occasionally the whole chain can break down because a buyer in the middle has not had their mortgage approved, and this will affect the buyers above and below them.
At the bottom of the chain there will be a home that will be bought by someone not reliant upon the sale of another property to be able to buy a new one, for example, a first-time buyer.
An offer from a first-time buyer can be a good way to move quickly, however remember that their offer will be dependant upon their financial arrangements being checked and approved. You should wait until your agent has established evidence that the buyer has applied for and obtained a mortgage offer in principle from a lender, before you proceed.
When deciding whether to accept an offer on your home, you need to consider carefully the buyer's position and whether his or her offer is not only good in terms of value, but also what the chances are of the offer proceeding all the way through the selling process.
Sometimes 'cash buyers' can come along and these can be a quick way to achieve a sale. However, again you need to check their circumstances as they may be raising the cash by re-mortgaging another property that they already own, or by arranging a bridging loan against an existing property.
Again, get your agent to check their circumstances before you proceed.
Letsmovehouse.net is a complete house move service that will manage your move from the minute you accept an offer to the moment you put the key in the door of your new home.
Packages available from as little as £250.
Call or email for more details: Tel: 0845 6800033. Email: firstname.lastname@example.org