Some time ago I
blogged about how transactions in tight real estate markets might produce chains (or even cycles) of transactions, in which some owners might have to buy a house before they could vacate theirs (and in slow markets in which some owners might have to sell their house before they could buy one).
It turns out that right now in England, a not-so-rare feature of ads to sell houses is the phrase "No upward chain." What it means, apparently, is that this house is available to be bought/sold right now, without the owner having to wait to buy a new house before closing on the deal.
HT: Brit Grosskopf
Or it is "No Onward Chain"/"NOC"
ReplyDeleteBut yeah, it is very common to see ads with it as a feature (I am looking for my first property now so it is a good sign for me).
This has been common for many years. I have just checked the flyer for a house sale in 2004 and it includes the phrase "no upward chain".
ReplyDeleteThis is attractive to buyers when prices are rising as it reduces the risk of their purchase failing because their vendor has been gazumped i.e. the property that the vendor is buying as been sold to a higher bidder.
Tony
You only see "No upward / onward chain" mentioned in England and Wales, as the Scottish legal system and code of practice make gazumping a rarity.
ReplyDeleteNo upward chain has nothing to do with gazumping, just means not waiting on others in the chain to get a mortgage, sell before they can buy.....makes everything much simpler and quicker.
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ReplyDelete