Are cash buyers more effective than the property chain?
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Is a cash buyer better than being in a property chain?
A cash buyer is usually faster and more reliable, but will often mean you have to lower the asking price.
Whether you’re buying or selling a house, the property chain can sometimes seem like the only option you have. However, it can swiftly become frustrating as mortgages get declined, buyers refuse to commit and the months continue to tick by.
There are other ways to sell a property, but doing it yourself can become time-consuming and complicated. Whilst the property chain is a pain, it’s often seen as a necessary evil as selling to a cash buyer can feel like a pipe dream. However, once you know where to look, a cash buyer becomes easy to find but how much more effective can they be?
A property chain is an extremely common way to buy or sell a property and provides a way to secure your next house. By using the money gained from the sale of your current property, you’re easily able to place a deposit on the house you’re looking to move into. The chain itself describes a long line of buyers and sellers that are dependent on each other to ensure that their own property exchanges can be made.
Unfortunately, this means that with estate agents, surveyors and mortgage lenders all involved, there are usually dozens of people in each transfer of property. With so many people involved there’s room for plenty of error and every missed call, lost document or rescheduled meeting means that the entire process slows. A property chain can only move as quickly as its weakest link, and every delay could potentially lead to its breakdown as sellers begin to look for someone who can adhere to their own deadlines. Whilst the property chain may seem like the only option when it comes to selling your property, there are other, often more reliable options, such as selling to a cash buyer.
While the property chain forces buyers and sellers to be reliant on others throughout the process, selling to a cash buyer removes the owner from the fickle property chain altogether. However, when approached by a cash buyer you may have to lower the asking price of the house, but if they are settled on completing the purchase then the exchange can usually happen quicker than if you were to become part of a property chain.
Another benefit of this method is that the buyer will usually organise everything needed for their side such as the conveyancing services. Alongside this, there may be no need to include an estate agent allowing both the buyer and the seller to cut out the middle man and any of the delays that a third party usually causes. While cash buyers may seem like a fantasy to those who are stuck in a property chain, they are more common than many believe.
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