What Estate Agents do – Chain Chasing

What Estate Agents do – Chain Chasing

“What Estate Agents do – Chain Chasing”

A chain is only as strong as its weakest link.  This adage could not be more aptly demonstrated than in respect of property transactions in the UK.

Whilst a lot of Agents focus on finding a buyer, which is obviously important, it is the quality of that buyer and their situation that will determine whether the sale is likely to proceed to a successful conclusion.  But what if the buyers themselves have a property to sell?

Firstly, there is no point in your accepting an offer from someone who has a property to sell if their own property is less sale-able than your own.  This would have the effect of reducing the sale-ability of your property to the sale-ability of theirs.

However, it may be that their own property is already under offer, possibly from a buyer who also has a property to sell to someone who is in the same position.  See the problem?

Chain reaction…

When we negotiate a sale we look very carefully at any upward chain before advising acceptance.  This means following the chain until the strongest link is found – usually a cash buyer! (NB: check carefully when someone says they are a cash buyer.  Whilst they may have nowhere to sell, they might need to arrange a mortgage!).  We then check the credentials of each linked buyer.

Indeed, much of our time in facilitating a sale is spent liaising with the other Agents and Solicitors involved in related transactions.  They, in turn will be liaising with Surveyors and Mortgage Brokers.  If one aspect fails, eg someone’s mortgage valuation is insufficient to support their loan, we’ll know about it quickly.  This is why we will usually have a plan B up our sleeve, such as a back-up buyer.

So there’s more to our style of estate agency than you might expect!  If you’d like to find out more please call us on 01273-735237 for a free marketing appraisal, and to find out how sale-able your property really is.