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A Beginner’s Guide to ‘The Chain’

[vc_row][vc_column][vc_column_text]If you've been delving into the world of buying or selling property recently then it’s highly likely you've come across an element of the process known as ‘the chain’. This is a crucial part of negotiation and the closure of sales when it comes to properties of all shapes and sizes, and while you may be lucky enough to avoid it interfering with your sale at all, there are a few things to bear in mind if talk of ‘gazumping’ and links in the chain breaking away occurs in later negotiations. A chain is just that – an interlinking line, only made up of people waiting to buy and sell. The easiest way to explain this is to consider that each person on the chain is selling a home and buying a home – and the person who is selling that home is buying another. Chains can be long and sometimes impossible to consider as there really is no finite number as to how many people could be linked along the way. Most people, it can be argued, are buying while selling their home – after all, it’s less likely to come across a seller who has already vacated their property (while it is possible – and we'll come to this later). property chain guide for beginners The problem with property chains is that people can enter and leave them at any given moment – some people leave sales due to changes in circumstance, interest, or an external issue that is entirely different – and when someone drops off the chain, it means that another person has to be found to fill their space. There is, sadly, no way of knowing how long this could last – making some selling and buying processes stressful unless all parties near to each other in the chain are honest and manage their sales correctly. Some chains, sadly, collapse altogether – meaning that everyone in that particular chain has to start again from the very beginning. It can be a frustrating time for everyone involved. A main problem in the sales chain is ‘gazumping’ – besides being a fantastic word, it’s the property buyer’s worst nightmare. This is the process in which, despite a verbal offer having been agreed with a seller, an additional offer is accepted before any paperwork can be completed and the deal can be arranged. This is sadly common enough practice to have such a name, but it is still rare practice – and providing you are dealing with an honest and fair seller or middleman, there is no need to fear this occurring. However, avoiding the chain altogether is certainly possible, and as some property experts propose that chain-breaking may be on the increase, it’s becoming a suggested move for buyers looking to avoid being left high and dry to look for properties on sale where the homeowner is not actively involved in the market, be it moving home or depending upon your profit to be able to move. Therefore, seeking out new build properties or homes belonging to owners who no longer require or need housing (there could be any number of reasons for this) are the best ways to avoid the chain altogether. You shouldn't fear the chain – while it is possible that you may be linked in and could find yourself broken away if you are unlucky enough, providing you ensure that you are prepared for any inconveniences and request to see as much paperwork and detail as possible, you can reinforce your position easily in case of the absolute worst.[/vc_column_text][/vc_column][/vc_row] [vc_row][vc_column][vc_cta h2="Get 100% Cash Offer For Your Property Now!" h4="No Fees. No Hassle. No Obligation." txt_align="center" style="custom" add_button="bottom" btn_title="100% Cash Offer Now!" btn_style="classic" btn_color="default" btn_size="lg" btn_align="center" custom_background="#0e364d" custom_text="#26a9e0" btn_link="url:%2Fppc%2Fppc-100-cash%2F||" btn_button_block="true"][/vc_cta][/vc_column][/vc_row]

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