Advice on PX for a new build

NoDebtForMe_2

Hello
We are intrested in buying a new build property.We have has 2 valuations done on our 3 bedded terracedback to back property we are currently in. I have also had a valuation from 1 EA who told us £115,000 but realisticaly £110,000 with a view to accepting £107,000.
I have no idea how much the other 2 EA have valued it at as it was just before the holiday break. One did say they would be submitting 3 valuations to the builders who are bryant Homes. Anyone any ideas why 3 are being submitted and whether the valuations from these 2 high street EAs will be around the same figure or whether they lower them lots on PX?
My personal opinion is they will offer around £100,000 or £105,000. Does this seem realistic. Hoping it isnt of course.
Thanks in advance
Sarah

Doozergirl

It's worth concentrating on the cost of changing one property for the other than it is to get caught up on exactly how much they pay for yours. The valuation will be for a quickish sale and so therefore I would expect something lower than your own valuation, for certain.

Whatever they offer you, it's up to you to hammer down the price of the new build as much as you can. Keep in your head the price difference between the two properties and work off that. If they offer you lower, it's better stamp duty wise (if indeed Stamp Duty is an issue) if you pay less for their house and accept less for yours in the process.

NoDebtForMe_2

Hi thanks for that.
They have actually prior to valuation offered to pay the stamp duty, pay £500 towards solicitors fees (their solicitors tho). She said they couldnt reduce the price of the house and when I asked about flooring she said we could negotiate this once a valuation had been done. Would imagine thats what we will get offered if the valuation is low then?
Obviously the estate agents fees will be paid if we px. Do you think there is room for more negotiation with all that being offered anyway or is that our limit do ya think?
In this current climate Im dreading having to sell my house myself rather than px so it is looking like a very viable option. However if they offer me less than hundred grand it will create a problem for us, even though we could get a mortgage for that we wouldnt want a monthly mortgage payment so high.
We do have a mortgage promise so that leaves us in a better position to negotiate more do you think?
Im still in the first house I bought and have stayed in it for 13 years to enable me to havea lot of equity so have a lot of naivity as far as selling and buying is concerned so any help would be appreciated.
Thanks again
Sarah
n.b The new build is currently £220,000 and they claim to have reduced it by£40,000 because of the current climate

Doozergirl

She's lying by saying they won't reduce further than the asking price. Yes, they've already reduced it - because no-one wanted it! There's money to be had, without doubt and I would quite happily knock 10% off their price even with a part-ex. You make the offer boldly, you don't ask feeble questions about further discounts. You tell them what you want and you negotiate - hard!

If she hasn't even asked the sales manager if there is a deal to be done then she hasn't even tried and more importantly - neither have you!

Don't use their solicitors - not only are they unlikely to be as thorough with the conveyancing, even if well intentioned, they are also mostly overpriced so the 500 saves you absolutely nothing. They don't give 500 to the solicitor, in fact, it's more than likely the other way around because it's a proper business referral for which solictors will pay money!

And as for carpets and flooring - the prices are so far fetched, it's really important to take cash discounts instead and save yourself a small fortune by getting it somewhere, anywhere else! They pay peanuts for it and pretend it's worth the full RRP to you - no-one pays RRP for anything these days, especially not a moneysaver!

The sales person is not your friend, it is your job to get as much as you possibly can - hefty discounts are there for the taking - remember when they do offer you a low price for your house that price is the one that might see you sell quickly on the market alone and then you have all the bargaining power.

NoDebtForMe_2

Wow! Your good! Can you come with us?
Thank you, your last statement gave me a lightbulb moment.
Everything you have pointed out has been taken on board.
Sarah x