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House buying chains - can someone explain ?
kingkano
Posts: 1,977 Forumite
A chain is as it sounds, you sell your house to someone, then your buying off someone else, who is buying off someone else, so on and on until somewhere somebody isnt buying (end of the chain).
They cause problems because once you get alot of links, there is more chance something will go wrong, somebody might pull out or something found in survey etc. As well as exchange day where you might have 5 or 6 solicitors/vendors trying to agree moving dates etc. There can be good sides to a chain, ie your buyer wants money off - you can't afford it - but to the top of the chain is 0.1% of their money so they pay it to solidify the chain. But more often than not chains are a bad thing.
A small chain is preferable because there are less people involved and things 'should' go quicker and smoother. Once you start getting over 5 or 6 in a chain I'd be cautious.
In 95% of cases, EAs and vendors won't take your offers seriously unless you are atleast on the market, but you will not get good deals until you are under offer yourself. So preferably YES you want to sell your house first.
They cause problems because once you get alot of links, there is more chance something will go wrong, somebody might pull out or something found in survey etc. As well as exchange day where you might have 5 or 6 solicitors/vendors trying to agree moving dates etc. There can be good sides to a chain, ie your buyer wants money off - you can't afford it - but to the top of the chain is 0.1% of their money so they pay it to solidify the chain. But more often than not chains are a bad thing.
A small chain is preferable because there are less people involved and things 'should' go quicker and smoother. Once you start getting over 5 or 6 in a chain I'd be cautious.
In 95% of cases, EAs and vendors won't take your offers seriously unless you are atleast on the market, but you will not get good deals until you are under offer yourself. So preferably YES you want to sell your house first.
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