The Property Chain and how it might affect buying your property for sale in Brighton

“The Chain” as it is more commonly referred to are the people in a line of property purchasers. It begins with the person who started the chain usually a first time or cash buyer to the end which can be an empty property , new build or one which will be vacated on exchange of contracts. These purchases are inextricably linked and if there is a failure it is felt throughout the whole chain.

The breakdown of the chain is probably the main stressor when buying and selling property in England. One minute you are all ready to go and the next it all collapses.

It is usually down to three main reasons

• You are Gazumped
• You are Gazundered
• Finances fail

It is still a very unjust system in England that you can pull out right up until contracts are exchanged, but unfortunately it is the system which remains. The sellers can incur costs which the buyer is not liable for which again seems grossly unfair.

The two which go hand in hand are the gazumper and the gazunderer  – these are probably the most underhand of all sales.  These tend to occur late in the chain and cause maximum distress. To loose the house to a higher bidder which you are then offered to match, or too loose the sale because the buyer at the last minute has reduced their offer is soul destroying. Both behaviours are considered despicable and major causes of the chain collapsing and therefore you would lose your property for sale in Brighton

Finances failing is usually due to buyers being too optimistic regarding their purchasing power and not having secured an “offer in principle” prior to making an offer.

If you are considering a property for sale in Brighton; How to avoid being caught in the property chain?

This is a difficult one, as nearly all sales involve the seller finding and purchasing a property. Most people will casually look for a property but not actively until the sale of their own is secured. As a first time buyer you will have only one sale above you to be concerned about, which is a bonus. Sometimes if a chain is broken for whatever reason the end link person may decide to go through with the sale and move into rented accommodation to prevent the collapse. This actually puts them in an enviable position as they will then be cash buyers and able to move on a property in the same way as the first time buyer.

Finding out from the agent about how many people are already in the chain and if it is secure will give you some information but it will be vulnerable until exchange.  You can make a decision prior to making an offer if you want to join that chain or not.

Communication with all the respective parties involved, your buyers, the sellers and the estate agents can go a long way to securing a solid chain. If you really want a chain to run smoothly it is best to avoid

• Insulting the Seller

Putting in a preposterously low offer can seriously affect dealings with your seller. – If you want to present a reasonable offer the seller is far more likely to be helpful and considerate to your time frame.

• Being stubborn

Being pedantic regarding minor aspects of the house sale can rebound with the seller slowing the whole chain down.  Being polite and courteous to the seller can make it morally more difficult for them to let you down.

• Gazundering

This has the potential to collapse the chain and put many people out, if you think you are clever by doing this the seller more than likely will pull out. Offer a fair, if not the asking price and stick with it.

If you are worried about gazumping and how to choose the best Brighton Estate Agent, then download our FREE GUIDE using the form to your left.

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