How detrimental is the chain?

lookstraightahead

I think no chain can get you a much better deal - as a vendor i wound definitely take a lower offer to someone with no chain.

Hebblethwaite

If you are looking in S, W, or SW Sheffield then it's an absolute scrum. A chain-free colleague of mine offered six times before having an offer accepted, and only then by going an eye-watering amount over asking on a property that wasn't in their ideal area or of their ideal type. 

I'm also chain-free. I had my first offer accepted, but only by offering on a house outside of S or SW Sheffield and making some other compromises that I don't think I would have needed to make 18 months ago. So, I don't think being chain-free is necessarily an easy path to a house either! I would focus on all the things that make you a good buyer and make sure the EA/vendor know about those things when you offer (e.g. I didn't just tell them I was chain-free, I also emphasised that I was only looking at houses I could put at least a 35% deposit down on, that my current rental situation was flexible so I could wait for the vendor to be ready, that I didn't need to complete before the stamp-duty holiday ends, that my job wouldn't be in any danger in the event of an economic downturn/prolonged lockdown etc.) It feels a bit much, but in a sellers' market, you have to make yourself look like the most appealing buyer you possibly can.

Other parts of Sheffield are competitive too but if you look outside the most popular areas, you may still find a gem. I'm actually really happy with the house that I am (hopefully) buying, and buying something comparable in my ideal locations would have meant offering way more than I would have been comfortable with.  

Thrugelmir

Northern_Line said:

we’re now actively considering breaking our chain and going to move in with relatives for a bit, 

Being chain free is of a benefit to yourselves. Many people don't have the luxury of relatives to house them. Any short term pain is worth the trouble. Though you will have a more relaxed approach to finding your next home. 

Northern_Line

Hebblethwaite said:

If you are looking in S, W, or SW Sheffield then it's an absolute scrum. A chain-free colleague of mine offered six times before having an offer accepted, and only then by going an eye-watering amount over asking on a property that wasn't in their ideal area or of their ideal type. 

I'm also chain-free. I had my first offer accepted, but only by offering on a house outside of S or SW Sheffield and making some other compromises that I don't think I would have needed to make 18 months ago. So, I don't think being chain-free is necessarily an easy path to a house either! I would focus on all the things that make you a good buyer and make sure the EA/vendor know about those things when you offer (e.g. I didn't just tell them I was chain-free, I also emphasised that I was only looking at houses I could put at least a 35% deposit down on, that my current rental situation was flexible so I could wait for the vendor to be ready, that I didn't need to complete before the stamp-duty holiday ends, that my job wouldn't be in any danger in the event of an economic downturn/prolonged lockdown etc.) It feels a bit much, but in a sellers' market, you have to make yourself look like the most appealing buyer you possibly can.

Other parts of Sheffield are competitive too but if you look outside the most popular areas, you may still find a gem. I'm actually really happy with the house that I am (hopefully) buying, and buying something comparable in my ideal locations would have meant offering way more than I would have been comfortable with.  

A scrum it is! We’ve gone 10% over on our last 4 bids and no luck. We recently lost out on a place In the North of the city,  although that was a blessing in disguise as we would have regretted paying that much over for the house in question. I have no idea what people are doing either if places get down valued.

that’s part of the reason we might end up buying on the other side of the peaks. It’s not made any better than the local EA’s feeding a frenzy. I just look at Rightmove now and think how mad everything is in terms of prices compared to this time last year, all the while knowing things will go for over the guide price. 

Northern_Line

Thrugelmir said:

Northern_Line said:

we’re now actively considering breaking our chain and going to move in with relatives for a bit, 

Being chain free is of a benefit to yourselves. Many people don't have the luxury of relatives to house them. Any short term pain is worth the trouble. Though you will have a more relaxed approach to finding your next home. 

Thats a helpful way to frame it. Thank you.

AnotherJoe

Rank amateurs in this thread i was once in a chain of 9. (above me it split into two sub-chains because of a divorce).

My recent transaction this past Feb was 6.

And as it happened i turned down a chain free buyer for my place in favour of a chain of 3 because i felt my buyer would be more committed, a non chain buyer could pull out on a  whim with little detriment to them and I felt they werent really that committed to buy.

But not everyone feels that way, seems I'm in a minority,  so  if you can stay with relatives for a while that might well help you. You will end up being in chains just shorter ones and also you'll have much less stress around completion dates you can pretty much go with the flow.

davilown

We are breaking the chain as we’re fortunate to be able to stay a relatives whilst they are overseas for 2 months.

As for advantages, yes I think there is an advantage but it can depend on how an EA sells your situation to a vendor

Northern_Line

AnotherJoe said:

Rank amateurs in this thread i was once in a chain of 9. (above me it split into two sub-chains because of a divorce).

My recent transaction this past Feb was 6.

And as it happened i turned down a chain free buyer for my place in favour of a chain of 3 because i felt my buyer would be more committed, a non chain buyer could pull out on a  whim with little detriment to them and I felt they werent really that committed to buy.

But not everyone feels that way, seems I'm in a minority,  so  if you can stay with relatives for a while that might well help you. You will end up being in chains just shorter ones and also you'll have much less stress around completion dates you can pretty much go with the flow.

9! I think we’re probably alike. We chose a buyer who had significant family reasons for moving on the basis that they would be more invested in the process than some of the other prospective buyers.

we did have a few people interested who wanted to buy as an investment. They were quite keen to point out with a rude laugh they weren’t buying the property for themselves…