Always choose an agent with experience managing a long chain
We were recently dealing with a five-property chain. Watersons were selling all five properties, with a first-time-buyer at the beginning of the chain. As the transaction progressed, market forces changed. The first-time-buyer got nervous and started to feel they were paying too much for the property.
Just before contracts were due to exchange, they demanded a £25,000 reduction in price. Instantly, the whole chain was at risk of collapse, causing huge amounts of stress and anxiety for everyone involved.
Because we had oversight of the whole chain, we were able to spread that £25,000 reduction between all five parties. Everybody shared a link of the pain by accepting a £5,000 reduction each.
‘Carrying up the chain’ is a method of dealing with a price negotiation that we frequently use – it helps to dilute the impact between all the parties involved and makes sure that, ultimately, everyone can move house and settle down in their new homes, stress-free.