You’re selling a home and buying another and may be part of a home sale chain. The seller of the home you are buying may also be buying a new one. Your buyer may have a home to sell and so on. This is a home sale chain. Each can be totally dependent on the first buyer in the chain. It’s rare that home buyers can buy the new house without selling the existing one. It can be a recipe for disaster. However it’s not impossible and sometimes you just need to have a little faith. That’s about all you can rely on because there is no guarantee.
Most chains end up being relatively short because:
- Some-one can buy cash or carry two homes.
- Perhaps a seller wasn’t willing to sell with a home sale or closing contingency.
- Maybe a buyer is coming from a rental.
- Seller is moving to temporary accommodation.
- Seller moving in with family or friends while searching for a new home.
There are various reasons why a home sale chain can be quite short.
Understand Your Home Sale Chain
If you are selling a home it’s important to understand everything about the chain behind you and how it will affect your sale. If you receive an offer to purchase from a buyer with a home to sell, are they under contract or have they not started the selling process. Go to the next stage and find out what the situation is with your buyers buyer and so on.
Only you can decide what parts of a chain you are comfortable with and what you are not. After all it can have an effect on your ability to buy your next home, no matter whether that’s local of far away, even internationally.We’re here to explain the potential pitfalls as each home sale chain is different and your circumstances are also unique to you.
Contact us when you are ready to sell. It’s middle March, spring selling season is upon us, and hopefully the snow is finished for this winter season. Call Corinne 847-363-3686.