House Chains - the moving nightmare!!
You have found a buyer for your house, they have found a buyer for their house, who have found a buyer for their house .......... but until the chain is complete, either with a first time buyer or a cash buyer then nobody can move leading to lots of stressed out vendors. And meanwhile the dream house you have fallen in love with might just get sold to someone else while you are waiting for your chain to complete.
Before accepting an offer on your house always find out what the situation of the buyer is and if you are likely to get bogged don in a long chain. It can only take one link in the chain to get broken for everyone to be thrown into complete disarray.
The best and least stressful way to move house is without getting involved in a house moving chain at all. There are three ways you can do this.
- Wait for a cash buyer yourself. - It can happen, even for a relatively expensive house
- Buy a new home an use your existing property as part exchange. In a relatively weak market - when chains a re most likely to break down, this is often a viable option, as house builders are also under pressure to sell houses. Normally you will have to be trading up. Typically the house you are buying will need to be around 30% more than your existing property.
- Look for a direct house exchange with someone else. Not the easiest thing to do but there are now website's acting as facilitators in arranging house exchanges. Again this is easier to do in a bad housing market.
If you are in a house chain the most important thing to do is keep communication channels open between all parties in the chain can help ease things along, lower stress levels and reduce the risks of chains collapsing.