Chain free?

10 replies

Areyootakingthepish · 02/11/2023 16:04

Found a house we really like, and it’s been on for 7 weeks and recently reduced. I’m probably over thinking all this but we desperately want it.

The EA said it’s ‘basically chain free’ because the vendor is exchanging on their next property next Monday. He is also the EA for that property.

So it sounds like they don’t need to sell this property to fund the next one? We just made an offer of 4% under asking - the only offer they have received and he said they won’t accept as they need it for their onward purchase. So not quite sure why she has committed to exchanging. We have a cash buyer and we are ready to go.

OP posts:

CuriousGeorge80 · 02/11/2023 16:07

When we purchased our last house we got an extra mortgage knowing we could pay most of it off when we sold the old house - just made it easier not having to do both at the same time. So it’s possible that technically they don’t need to sell to buy, but they will use the sale money to lower the mortgage.

But it’s sort of irrelevant - they will either accept your offer or not. Not needing to sell to buy means they can wait longer for an offer they are happy with.

Twiglets1 · 02/11/2023 16:24

That's odd.

4% under is a good offer, I think they would be a bit foolish not to accept it.

KievLoverTwo · 02/11/2023 16:38

They could be taking out a bridging loan, I guess.

TerfTalking · 02/11/2023 16:47

They could have paid cash for a doer upper but need the full new reduced amount to pay for renovations, Lear debts, retire whatever.

Original poster

Areyootakingthepish · 02/11/2023 17:20

Ahh I guess I will never know, just lamenting the fact that we missed out. That was our max too so nothing more we can do about it unfortunately.

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mondaytosunday · 02/11/2023 18:16

Have they refused your offer? The agent had to put it forward .

rainingsnoring · 02/11/2023 21:53

Sounds a bit daft but it's up them, I guess! 🤔

DrySherry · 03/11/2023 07:13

You have made a very good offer considering the current climate. Your also in a strong position to move forward quickly. I would wait and see what happens after they understand that was your best and final. I suspect you may get another call in a week or two.

Original poster

Areyootakingthepish · 03/11/2023 08:13

I really hope you are right as we loved the house. We offered 960 on 1m and the buyer apparently only wants a million, I mean of course we all do!

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Twiglets1 · 03/11/2023 08:16

I agree with @DrySherry

I also suspect they will come back to you when it becomes clear you won’t go up to 1M, and they have no other offers

Flip