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How to buy a house if you're in a chain?

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  • 14-05-2018 6:45pm
    #1
    gesundheit
    Registered Users Posts: 3 ✭


    Hi! First time posting, so please be gentle if I am not fully compliant with rules and guidelines.

    I'm just curious as to whether I can get any advice for my situation;


    I am going to be sole financial beneficiary from the sale of an aunt's house, so I am currently looking for somewhere to buy but keep getting told the sellers will pick/ prefer someone who is mortgage approved/ cash buyer.

    How do you overcome this issue of selling a house and needing to buy another one, or is the buying market in Dublin (where I will be buying) so crazy that they will accept anyone who can pay immediately? I have holding deposit ready to go, just entire funding will be from house sale. Is this what a chain is?


    Any information appreciated!


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    #2
    Wesser
    Registered Users Posts: 1,813 ✭✭✭Wesser


    What's stopping you selling your aunts house?
    Are you living in it?
    Can you rent in the gap between?


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    #3
    gesundheit
    Registered Users Posts: 3 ✭gesundheit


    It is currently on the market, but I live in it so was hoping to buy somewhere before I have to move out.


    Is renting in between the best option, do agents tend not to accept having to wait for bulk of money if it's coming from a previous sale or is there any way they will accept this?

    Thank you for your reply!


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    #4
    Teyla Emmagan
    Registered Users Posts: 5,641 ✭✭✭Teyla Emmagan


    You may have to sell it, rent and then buy once you have the cash. Will the price of House A mean you can buy House B in cash or will you also need a mortgage?


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    #5
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    The only possible way to do it is to show that you have an unconditional signed contract for the sale of your own house.


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    #6
    _brendand_
    Registered Users Posts: 123 ✭✭_brendand_


    Some of the details of your question aren't clear, like what do you mean by 'being the sole beneficiary of the sale of your aunts house'? Is she alive and does she own it? Who's living in it (I think you already answered you live there, does she?). If you don't own it it probably complicates matters further, if you do own it then it's important to consider what type of property you want to buy? The estate agent is absolutely right when saying you will be at a disadvantage when compared to people with cash or mortgage approval. There are just more moving parts when a chain is involved. Typically a vendor would be more willing to accept a chain in the higher ends of the market where it's quite unlikely anyone who's not in a chain will have the funds. If you are looking to buy a property under 400,000 then most vendors are unlikely to be interested. If you can manage it, sell the house first and then you'll be a cash buyer, which agents and vendors alike will love.


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