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Original poster

Would you prefer no chain or more money?

24 replies

user1484 · 13/09/2019 16:47

Hello,
Going for a second viewing of a home we love, as tomorrow approaches, I’m starting to panic they will get other offers (estate agent has casually dropped in conversation there will be more viewings...)
We think we will be in a position to make an offer with no chain and we would be happy to wait to move in as long as they need.
they have already found a house and their offer has been accepted.
I was wondering if, in general, sellers might find that more attractive than someone offering, say £10,000 over asking price.
Have you been in this position?
Thanks!

OP posts:
user1487194234 · 13/09/2019 17:04

Being no chain will give you an advantage,but probably not 10 k of advantage ,unless that is a very small proportion of the price

Original poster
user1484 · 13/09/2019 17:14

Asking price is £925,000.
Last time I bought a bought a house was nearly 15 years ago.
I have no idea how much over the asking price people go, I guess it would depend on many parties being very keen and having a bidding ‘war’, which we would love to avoid...

OP posts:
Shelby30 · 13/09/2019 18:28

More money please 😃 unless I was desperate to sell and needed it to go through with no complications. If area highly sought after def more money as they cld well again easily if it fell through.

helpmum2003 · 13/09/2019 18:30

No chain for me, within reason...

Raera · 13/09/2019 18:32

Having recently sold, we took a lower offer from a no chain buyer.

lastqueenofscotland · 13/09/2019 18:40

It depends
One other person selling to a FTB or investor? More money. 7 house long chain? I’d take a hit as I’d bet that chain would collapse

Original poster
user1484 · 13/09/2019 19:22

Thanks everyone, sounds like no chain could help giving the right circumstances.
Fingers crossed for tomorrow!

OP posts:
RedWineForMePlease · 13/09/2019 19:25

It will entirely depend on the seller, of course.

But personally, chain free every time. But I'm a bit biased because I had a buyer pull out due to a collapsed chain that was 5 properties by the time they had purchased mine. A smaller chain may have been less problematic, who knows.

Fingers crossed for you!

misspiggy19 · 13/09/2019 19:31

More money

AllFourOfThem · 13/09/2019 19:32

I find moving so stressful and have had issues before so for me, no chain would be preferable over £10k but I suppose it depends how much the sellers need to make.

redchocolatebutton · 13/09/2019 19:34

no chain.
hands down.
the stress and hassle of being in a chain is not worth the extra money imo

JoJoSM2 · 13/09/2019 19:55

We've just had our offer accepted. Apparently the lowest of the offers submitted but we've offered no chain and submitted paperwork with the offer to demonstrate that we're good to go.

SuzieQ10 · 13/09/2019 19:55

I would be keen to sell to no chain buyers. Yes I would accept a slightly lower offer. As long as everything was in place for them to move quickly with the sale.

I recently sold a house I was confident could go for £620k for £614k due to buyers being chain free, with agreed mortgage already in place and happy to proceed with survey etc very quickly.

However I've also had buyers say they are chain free, offer lower, then once agreed it emerges they have to wait for their parents / someone to sell another property in order to be given cash etc towards the deposit on the new place. So can't always take buyers at their word.

BackforGood · 13/09/2019 20:49

No chain when you are talking about those sort of figures.

AllFourOfThem · 13/09/2019 21:00

Although if the no chain is with FTB I wouldn’t be so keen.

Mummyshark2018 · 13/09/2019 21:10

Given the value of the house 10k is a drop in the ocean so I'd rather have a commitment buyer than someone in a chain, but again depends on the length of chain

Alexalee · 14/09/2019 06:14

No chain all day! At 925k there will likely be a reasonable length chain... there seems to be a lot of chains collapsing at the moment.
10k is about 1%.
Is 925k a good price for the area? It's a buyers market in most of the country. No way would I be paying asking price unless it is good value already

hardyloveit · 14/09/2019 06:36

We just bought a house - no chain with us or seller and they accepted our lower offer over another higher offer who was in a chain

Original poster
user1484 · 15/09/2019 15:41

Hello all,
Thanks so much for your replies.
We made offer yesterday.
Asking price, no chain.
They rejected an under asking price offer earlier in the week from other buyers.
Mortgage has been pre approved by financial advisor in the estate agent’s office, so they know we are good to go.
Currently living in very nice neighbourhood in London and new house is 10 minutes drive, but feels like suburbs, so we are getting Soooo much more for our money.
Will update tomorrow when I hear from agent!

OP posts:
JoJoSM2 · 15/09/2019 16:24

Yay! The burbs rock. I hope it works out for you.

Original poster
user1484 · 17/09/2019 21:17

Hello,
After a two day wait, the sellers have decided to rent the house instead.
Very disappointed, but at least the decided it now rather than further down the line when we might have spent money.
Thanks to you all!

OP posts:
JoJoSM2 · 17/09/2019 22:45

What? That's crazy with all the offers! And given the price of the house, the rental returns will probably be poor.

Original poster
user1484 · 17/09/2019 23:41

Pretty high, I think. £3,450pcm.
The estate agents must be pretty pissed too, since they have rented through another agency.
They couldn’t get hold of the sellers all day yesterday and today, they must have been finalising the rental deal with the other agency.
I was already disheartened, as if they were to accept, they would have done so straight away.
Back to the drawing board....

OP posts:
JoJoSM2 · 18/09/2019 08:00

That's 4.5% gross annual yield. Not great if that makes you feel any better Grin Good luck finding something even better!

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