Part Exchange

SwanseaSouthStander

Hi, can anybody help??

I'm thinking of buying a property of about £170k and my house is valued at £120k. I have asked the sellers if they would consider using my house as part ex and they have agreed and sending a valuer to give me a price next week. I know that I will not get the full market value of my home but is there a general rule of thumb of what percentage of the market value lower that they will offer me eg, 10%= £108k.

Thanks, Ian

SwanseaSouthStander

bump???????????????

jaspercabbage

We part-exed in January and the rule of thumb then was that the builders offered a price based upon aiming to sell our property within a couple of weeks afterwards.
You didn't say whether your sellers are house builders or private, and if it is a private seller the same rule might not apply, but I am sure that they will try to take into account the difficulty they might have in selling your house on in the current market, and I would not be surprised if the offer is even lower than you have estimated.

SwanseaSouthStander

Thanks jaspercabbage,

The people we are solictors who I think are acting on the behalf of builders. The original owners of the £170k house used the house as part ex.