Q. I’m trying to sell my property for the second time in six months, the first sale to some first time buyers collapsed about a month ago after 4 long months of conveyancing and now my estate agent tells me he has a brand new offer from a buyer that’s super keen but he is in a chain, not a very big one just one other person involved but I am dubious to accept as I just see it as another sale that will never actually exchange and complete. Do you think I am being overly sensitive and should I throw caution to the wind and proceed with the buyer in a chain regardless?
A. Honestly, even as an agent that has been practicing for the last 14 years it still defies me that what originally looks like the sale that will pose no problems and will simply cruise through to exchange and completion are normally the sales that cause the biggest concern and take the longest to complete and sometimes as in your case fall out of bed (agents jargon for an abortive) altogether. It’s so difficult to predict at the onset some of the issues that may flag up, although in your case given that you have already lost a buyer if it was over a particular issue maybe this is something that your solicitor can now be prepared for and prevent the same thing happening again.
Personally I believe that if you have a truly motivated seller and buyer and they both have great solicitors acting for them and an efficient agent acting for the seller that is able to liaise with all four parties I really believe that there is no reason why a chain should be frowned upon, and all things considered it really is going to be difficult to eliminate perfectly good buyers just because they are trading up or down, you really are cutting your audience down quite drastically.
Of course we have all heard the horror stories of chains collapsing and a whole chain of buyers and sellers being hung out to dry but given there is only you, your buyer and his buyer involved, two properties then I would have no hesitation and go ahead and accept. Given your recent experience I don’t think things can get any worse can they!