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Selling a residential property is always an exciting journey. It’s one that’s full of moving parts and milestones from start to finish. When you’re part of a house chain, things can get a little more complex. Occasionally, unexpected changes can happen too.
If the chain breaks in your house move, it simply gives you a fresh hurdle to overcome. It doesn’t matter whether you’re in the middle of the chain or at the bottom of the ladder, these bumps in the road are often resolved with the right approach.
The good news is that there are plenty of solutions available to help you move forward smoothly and keep those hopes and dreams on track.
Get the full picture first
The important thing is to take a breath and liaise immediately with your solicitor or realtor. In some cases, a broken chain isn’t the end of the road for multiple property transactions. It can just be a bump in the road, like a buyer’s mortgage offer taking longer than anticipated or a detailed property survey throwing up some issues requiring investigation. Before you lose your mind, discuss the bigger picture and find out just how proactive you need to be.
Pinpoint the cause of the break
Finding the root cause of the chain breaking is vital. Is it your buyer? Their buyer? Or someone higher up suddenly demanding more money? Once you understand the details, you might find a way to fix the break or limit the damage.
If a seller demands more money, it’s sometimes possible for every buyer in the chain to contribute a little extra to help get each sale over the line.
If all else fails, there’s a secret weapon
One option many sellers overlook all too often is the power of cash buyers. If your buyer has pulled out unexpectedly and your sale is left hanging by a thread, there are sell house fast services online that can step into the breach. Sometimes, these services can even close a cash transaction on a residential property within as little as seven days.
These are firms that specialize in buying properties fast. They can do so because their businesses are highly liquid. They have the funds in their account ready and raring to go. There’s no waiting on mortgage approvals or weeks for legal paperwork to come through. Admittedly, you may not get as much money upfront as selling on the open market, but if keeping a chain alive is your number-one priority, it could be a step worth taking.
Is it possible to go chain-free?
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If it transpires that the existing chain is unresolvable, it could be an opportune moment to rethink your strategy overall. Is it possible to sell then rent to become chain-free yourself? Although it can be an additional expense in the short term, you’ll have a serious advantage when you’re ready to buy again as a more attractive buyer in the eyes of sellers.
A broken chain doesn’t have to be a dealbreaker. Nor does it have to be the end of your home-buying journey. Whether you bring cash buyers into the fold or go down a different path, there are ways forward. Just be flexible and prepared to think outside the box.
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