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Part Exchange
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Moomoo_5
Posts: 4 Newbie
I am going to view a new build house that is offering a part excange, how does this work from what I have read the House I am buying needs to be about 30% in price difference which it is then they send a few people out to value my property and then make an offer can it me that simple 
. Also does anybody on here done a part exchange if so was it simple to do?
Moo
. Also does anybody on here done a part exchange if so was it simple to do?Moo
0
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hi
have not done one but one builder told us that they ask local EA for a forced sale price and offer 70% of that price. not sure if all builders follow this0 -
We did this about 12 years ago with barratt - dont think its too different now! It was the best thing we did (especially as I'm now in a classic chain from hell trying to move!)
when we part ex'd we had two valuations (like you have for a mortgage) they offered us the mid point - which was about 2k less than we'd had our flat on the market for (for the previous 18 months) we bit their hand off, and didnt look back - we chose our moving dates - had access to our old property for a week after (which was great!) They made the offer subject to us leaving curtains, carpets cooker gas fire, and they held a 1K retention until they inspected the property to make sure we left it clean and fittings etc.
Bear in mind you dont pay any estate agents costs! and the hassle being removed is worth a fortune.I would gladly drop several thousand on my current property to avoid the four months of agony we have been having with our chain - and still not got to exchange problem 5 houses down the chain
My advice - explore it - remember you will potntially get less (but not much) than open market - take the offer sit back and relax. Bliss...
Good luck !0
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