Splitting a property chain

How to break the chain without losing your sale. 🏠🏘️🏡

With each sale within a property chain being dependent on one another, when one transaction fails they often all go. So your property sale could fail due to no fault of your own or the parties you're buying/selling from. The longer the chain and the longer a sale takes to complete the more likely this is to happen. This means as time goes on or if the chain continues to grow it may make sense to “split a chain”. 

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Reasons A Chains Can Break 

🔴 A seller is unable to find a suitable onward move 

🔴 A transaction failing for financial reasons

🔴 Internal pressure to meet different completions and exchange dates

🔴 A buyer pulling out.  

Whatever reason it may be, the two parties involved now have a decision on what to do next, pull out of the other side of their buy/sale transaction or find another way forward.    

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Split Don’t Break 

🟢 A seller could choose to move to a short term rental or lease back from the incoming buyer.

🟢 Revisit mortgage lenders who are now offering a reduced down payment

🟢 Make yourself “chain free”

🟢 A seller could choose to rent out their property (always check this is allowed on your mortgage) 

🟡The final universal option is to find a new buyer or seller but this can take time and most are not willing to wait. It can also put pressure on the end of the chain to accept a less favorable offer.   

If this does happen to you the worst thing to do is keep any of it from the rest of the chain.🤐 Transparency here will build trust, and increase your chances that the rest of the chain will give you the time that you need to sort out a solution.😄