Part ex on a part ex advice needed!

Paley71

We have had our two up two down on the market for four months now.
Originally valued at 92k we've gradually dropped to 77k plus are offering to pay a 5% vendor gifted deposit.
Despite sixteen viewers. (a few who've made all the right noises) we've not had a single offer.

We're now looking into part exchanging ours with a four year old David Wilson part ex.
The agent came round this morning to value ours but wouldn't give anything away.
It's on the market at 130k and the only way we could offer this is if we got the current price for ours,
anything they offer under on ours would have to be dropped off theirs.
We absolutely could not go any higher than this.
We would have 40k equity in the house so we'd have no trouble getting a decent mortgage offer.
What do you reckon our chances are?

Today a I've noticed a repo three bed detached with more sq footage has come on Yourmove
for 109k...I'm hoping this will help with negotiations!

Paley71

Anyone????

Paley71

*Feels like Nobby no mates*

Paley71

Well, if anyones interested the figure they came back with was they want the full asking price for theirs and they'd give us 55k for ours.

I think that would put us in negative equity in about, oooh six months?

ethansmum

What only 55k?? how insulting!

Paley71

On their website they claim to offer 'fair market value' how is 30% off a house that's already one of most heavily reduced in the area 'fair'??

ethansmum

Do you have to move? Why don't you say that you will offer £100k on theirs? If its 4 years old then it shouldn't still be at a premium. Lets face it they aren't going to get their full asking price, I'm surprised that they aren't trying to release the equity they have tried up in that part- ex.

Paley71

We do have to move really, I have two boys who've shared a room for the last ten years (they're sixteen and twelve now) the eldest could really do with the privacy!
Also our bathroom is through the second bedroom which is not ideal, we also keep parrots and would like more!
I think we'll go back to plan A, we had an offer accepted on a three bed end terrace (although it's still on the market) that needs a fair amount of work doing but it's a really good size and I fell in love with it in a that I didn't with the DW home.
The only trouble is that we'll probably have to re-negotiate the price as it's not really worth what we offered anymore.

The agent reckons the David Wilson house will sell quickly now as it's going on with another EA...it's already on with three, how on earth do they think that'll make any difference?

geoffky

They are desperate for cash and not any more houses i am afraid..... i think you will have to price it again and if 16 viewed something was putting them off and i bet price was one otherwise it would of sold..ps as a buyer i detest people who are doing the gifted deposit thing as i just think drop the bloody price and get rid of the gimmicks

Paley71

You could be right, however, I have two viewers on Saturday and told the EA to slip in to the conversation that we'd take 69k and he said he didn't think we should as it was the best value for money property they have on their books! Also on with Yourmove and they said that our house comes up in conversation everyday because they can't understand why it hasn't sold.
Of course I know most AE's ar full of bull so I take anything they say with a pinch of salt.
On another note surely the fact that we're getting the viewers in the first place would suggest it's not overpriced?
I would willingly drop our price to whatever would sell our house but until those above us drop we'd just be priced out of buying anything else.

The biggest reason people have come up with for not buying is that the bathroom is off the bedroom but this is clearly detailed in the listing!
We have one couple downsizing who want the property but refuse to drop the price on theirs...we've also had three viewers say it was their favourite but they want to see more!

Paley71

Oh, and the gifted deposit was added on AFTER we'd dropped the price, it wasn't figured into it at all so it wasn't a ploy to up the sale price.