What are property chains and how do I break free from them?
Moving home should be easy. You've got your heart set on your Retirement Village community of choice, you may have even chosen your property. This is the time to be planning interiors, as well as looking forward to your new community and the buzzing social calendar that comes with it.
However, a host of problems throughout the moving process may delay the start of your exciting later life adventure. Property chain breaks are one of these issues.
A property chain describes the link between buyers and sellers that depend on each other to progress their own house sale. If you are selling your home but need to wait for your buyer to sell theirs before they can move, you are part of the property chain.
Think of one buyer or seller as one link of the chain, the more buyers and sellers, the longer the chain. Which leads to a greater the risk of one of the links breaking. Not only can a broken chain be expensive, it can lead to months of delays.
Our Retirement Village residents aren't waiting for someone to move out of their new property before they can move in, meaning they're at the end of the property chain. However, because they depend on the completion of their own property sale, they are still part of the property chain through their buyer.
That's why we partnered with Spring. We want to help future residents become free of the property chain fast so they can spend more time enjoying their retirement doing the things they love. Spring are experts in selling homes and their home-buying service can rid you of property chains for good.
What is a broken property chain?
When the property chain breaks, it means somewhere along the line a property sale has fallen through. This causes delays as, in order to fix the break, a new seller or buyer for the property needs to be found.
For example, if a buyer is gazumped, they need to find a new property. Or, a seller may simply have a change of heart and decide not to move.
Why do property chains break?
Property chains can break for a number of reasons, such as:
- A buyer may not be able to secure a mortgage
- A failed property survey
- A down valuation by a lender
- Gazumping - where the seller chooses a higher offer from a new buyer
- Gazundering - where the buyer reduces their offer and the seller is unable to accept
- Life events such as divorce or illness
- A buyer or seller simply changing their mind about moving
In fact, our partner, Spring, reported that 47% of homeowners surveyed had experienced the impact of chain breaking.
You're not relying another seller or buyer
By removing yourself from the property chain, moving home becomes far more straightforward. You're not relying on anyone else, engaging in property negotiations or waiting for feedback from their solicitor.
A quicker sales process
When you're not part of the property chain, you can fly through the admin of purchasing and selling, with no wait times caused by those on either side of the chain. Plus, no risk of your sale falling through as a Spring homebuying sale is guaranteed.
In fact, Spring can attain a fair purchase offer for your home within just 48 hours as part of their home buying service. Their license-to-occupy agreement grants you up to 14 days in your current home post-completion. That means you could be in your new home in less than three weeks from today!
Move into your new property ASAP
If you're like the rest of our thriving community, you'll be looking forward to moving in as soon as possible. That way, you can start enjoying facilities like our onsite wellness centres and restaurants. Well, when you're free of the property chain, you don't have to wait!
How Spring can solve this
Convinced of the benefits of chain-free property selling? This is where Spring steps in. Their home buying service removes you from the property chain by taking care of the selling process from start to finish.
This all inclusive, comprehensive service works as soon as you've chosen your new Retirement Villages property. Simply send Spring the details of your existing home and an indicative offer is made within 48 hours! Plus, there's no obligation to accept the offer if you're not entirely satisfied.
Once your sale completes, as a standard feature of Springs home buying service, you have 14 days post completion to access your property and move at a leisurely pace Into your new home. That could mean moving within just 16 days!
We love working with Spring because it offers community members a quick and seamless way to join their new village. If you'd like to find out more about Spring, discover how you can enjoy moving made easier, including more information on their wider offering, such as their managed sale service.
With nearly half of all surveyed homeowners negatively impacted by the property chain, breaking free from it can save you lots hassle, time and money. Move into your chosen Retirement Village earlier and start thriving when you choose Spring's home buying service.