The property chain - WHY?

[koalabear]

Can anyone explain to me a rational reason why we need to have this inexplicably horrid "chain" when selling property?

Why can't we be like other countries (ie. Scotland, America, Australia) where you offer an amount on a house, it is accepted, and then you have a set period until completion ?

Why oh why do we have to have this awful, ulcer-inciting system where you have no certainty?

It's driving me nuts.

Anyone?

its more fun that way

I'm sure they have their hassles too. Presumably your offer is accepted even if you have n't got an offer accepted on yours or you are under great pressure to find somewhere to fit that timescale of someone offering on yours, so there is still a chain to coordinate. The only real difference is that an accepted offer is more binding than under English system.

Twiglet - your idea of "fun" is somewhat twisted I feel

LIZS - Yes, I am sure every system for selling houses has stresses - but a little bit more certainty couldn't be a bad thing, really, could it ? it might save my sanity

i have a husband in the USA and a 3 month old and a 22 month old, and we can't go to join him until we exchange on the house ......... so this is my own private tortuous experience

There are certainly chain effects in the US system (actualy, "the system" varies from one state to another, but that's another story!). In California you usually sign a conditional contract within the first week of offer accepted, but it's all negotiable, up until the last minute you can get out with paying penalties or if too much work needs doing to the property. You hear stories over there all the time about the sale falling thru "in escrow" - meaning between signing of first contracts and before completion.

In Colorado, your bid was accepted AFTER the inspection, so that negotiation over price,repairs, etc. occured BEFORE you put in your final bid. Your mortgage already had to be in place, too, not just an offer, but a done deal just waiting for a date. Once it was accepted, your bid was legally binding. You HAD to buy that house unless you died or were in active military service and called away. They HAD to sell it to you, unless they died or the whole military thing.

It was SO nice. Our bid was accepted in Feb., w/a closing date set for 6 April, so we could plan our whole move.

in Australia, if you offer on a house and it is accepted, you have a 48 hour cooling offer period where you can change your mind, and then, that's it - you HAVE to buy it regardless

you either have a 30 or 60 day (or otherwise negotiated) period before completion, and that's it - you have to have your finance, inspections and everything done before you offer - so simple, so clean, so CERTAIN