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This is a very common scenario faced by many buyers and sellers who are stuck in a chain. If you are in a chain and if any part of that chain is broken, your sale will fall through and you need to start again.
If your situation calls for an urgent sale of your property, then to sell again through an estate agent could take a minimum of 6 months. There are just too many uncertainties as to how long it would take before you might get an offer. You might have got an offer already but what you have to remember is that an offer is not a guaranteed sale. Anyone can put an offer on a property and it is often the case that a prospective buyer has not even filled in an application form for a mortgage yet, let alone being in a position to proceed quickly. Applying for a mortgage takes time and there is no guarantee that the application is successful.
So what happens at a critical moment just before you exchange contracts if one of the parties in the chain gets into trouble? The chain will break and your sale will fall through.
What do you do now? Put it back on the market and start all over again or get an expensive bridging loan so that you can move into that dream home?
The surest way to sell your property quickly is to sell it for cash.
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