[HPFGU-OTChatter] Re: England Real Estate - Just for Fun

[Pam Hugonnet]

I asked about chains thus Eloise and Kathryn explained :

In England and Wales (not Scotland) a firm contract to buy/sell isn't
made immediately. Sales are made 'subject to contract' and what often
happens is that chains build up: I put in an offer to buy your house,
but that depends on my ability to sell my house, which depends on my
prospective buyer selling his house, etc.

If everything goes to plan it has no effect at all but if someone
at some stage in the chain has trouble swinging a mortgage (not surprising
when house prices are rising to the extent that many first time buyers need
a 100% mortgage) or worse someone gets gazumped (i.e. some other rotter
offers the person you were planning on buying your house from a little more
money and you suddenly find yourself with nowhere to move into) then things
can get very very fraught and if you're really unlucky the sales can
collapse along the whole chain and everyone finds themselves back at square
one.

drpam again:

Thank you, Ladies.  This is what we call ( I believe) here in America a contingent contract with a kick-out clause--which in these very hot and overpriced American real estate markets are viewed as a kiss of death to one's chances of buying a home.
How hot are the UK real estate markets?  Around here, single day sales and multiple escalating contracts are the norm.

drpam
who found a lovely house in Maidstone with large closets..



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