Sale Chain Broken?
You have found a buyer for your home and found somewhere to move to; however your buyer needs to sell their home and you’re now in a sales chain. Some of these sales chains can be a lot longer and all it takes is one buyer who is no longer able to proceed or one seller to change their mind and the chain becomes broken.
At this point, everyone that is still hoping to move can get really frustrated and disillusioned as the process of finding new buyers (or sellers) slows and even stops altogether sometimes. Even when the replacement link is in place there can be changes of circumstance that cause another point in the chain to break; for example someone in the chain receives another offer to purchase that they choose to accept instead of the original offer. There is a lot that can go wrong in a sales chain. In a survey of 2,000 home -movers undertaken in 2016 by Which? they found that 3 in every 10 (28%) people have experienced a property purchase falling through.
The survey undertaken by Which? revealed ” the reasons given were often related to chains, with 21% saying that they’d had to pull out because their own sale had fallen through and 13% saying that the seller had pulled out because the process was taking too long. Some other reasons why a chain could collapse include:-
- A buyer or seller changes their mind
- A buyer or seller falls ill, loses their job or splits up with their partner
- A buyer can’t get a mortgage loan to match the offer they made
- A legal firm takes too long to process the paperwork or chase up customers
- A survey reveals problems with a property “
Please contact us if you experience any of these whilst selling your house, and we’ll discuss potential solutions to get your sale back on track.