Property Chain Break and House Buying Companies

A property chain break is one of the biggest causes of house sales falling through. However, now when a chain breaks or if you want to move chain free, there is something you can do about it thanks to house buying companies.

A chain break is a huge wasted effort and causes stress and frustration all round. When selling a property, you will often find your sale is part of a long property chain, where your sale is dependent on a number of others. While your sale may be proceeding normally, it takes just one sale further up or down the chain to stop or seriously delay yours.

Around 20% – 30% of property completions fail to happen. 150,000 house sales last year fell through because of gazumping. Sometimes these are just short delays caused by solicitors or mortgage lenders not being ready in time and everything can be brought back together in a week or two.

However, often it’s because one link in the chain pulls out, stalling all other sales in the chain until another buyer is secured. This process can easily take 3 – 4 months and often causes one or more of the links to withdraw from the market completely.

In the past, if your property chain broke, you had three options:

· Lose the property you were buying, wasting the time and money you have spent in the process.

· Take out an expensive bridging loan, risking further cash, hoping the chain can be fixed.

· Sitback and hope your vendor will be patient and is not needing to move quickly.

Now, however, when a house sale chain breaks, a house buying company can help you.

How can house buying companies help?

In short, house buying companies can buy your house, whether you or someone else in your chain has lost their buyer.

House buying companies service either removes you from the chain completely, or enables the whole chain to complete. Either way, it guarantees your sale and the cash to buy your next house.

How does it work?

It’s quite simple. To make an offer a house buying company will arrange for 3 agents to visit your property to carry out an appraisal on their behalf.

They will then endeavour to get an offer to you within 48 hours.

On accepting our offer, they will exchange contracts and complete on the day of your choosing subject to survey and clear legal title



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