Advice needed for Purchase of new build

Feline_friendly

skintlass wrote: »

Congratulations Feline_friendly :j. Do you mind me asking what the % difference between your house and theirs worked out to?

I am blonde i'm afraid...tell me how i would work this out

skintlass

To work that out divide the price they paid you for your house by the price you paid them for their house and multiply the result by 100, then take that away from 100. E.g they give you 70,000, you pay them 100,000. The % difference is (70,000 / 100,000) multiply by 100 = 70 then 100-70 = 30 so the difference between your house and theirs is 30%.

Feline_friendly

Ahh..it's 45% then

skintlass

Wow - no wonder they cut you a deal. You must have had quite a lot of equity in your house. Thanks for the info. I think I'll be in the same boat as Uropachild.

Feline_friendly

Yes we did as our present house is a Right to Buy and got a massive discount off the council......so are very lucky there...we couldnt have done it if we had bought this house at market value 4 years ago as there wouldn't have been any eqiuty.

skintlass

well I just rang up the estate agent to see what they would recommend as a part-ex price to a developer and his take on it was he drops down in increments of 10k so as your house was last marketed as x I'd recommend x-20k to developer, I reminded him that x was a reduced price already - down from y due to selling with developer(which I had an offer on it at in 2007 - buyers disappeared, long story) and he said well thats just the way it is. So despite the market dropping about 16% he thinks that a 35% drop is what he would recommend to a developer - they win all the way don't they. I can't part-ex at that price.

uropachild

Wow, that's really pants skintlass!

If i win the lottery i'll give you what you need to buy the house you want as long as you promise you'll do it for me. ;o)

Feline_friendly

Wow that's bad. My house was valued by an EA last week and told us a market value and GW had offered £15K less than that...but we asked for an extra £5K......the EA who gave us the valuation said that it wouldnt sell for the market value and would be knocked down by about £5K.....so with EA fees and HIPS fee...we probably would have made about £2K more if we sold ourselves....but in this market i doubt that too...so we got a good offer...about evens really. No stress and we will be moving in June...whereas if we sold ourselves who knows!?

skintlass

uropachild wrote: »

Wow, that's really pants skintlass!

If i win the lottery i'll give you what you need to buy the house you want as long as you promise you'll do it for me. ;o)

Its a deal :-)

skintlass

Feline_friendly wrote: »

Wow that's bad. My house was valued by an EA last week and told us a market value and GW had offered £15K less than that...but we asked for an extra £5K......the EA who gave us the valuation said that it wouldnt sell for the market value and would be knocked down by about £5K.....so with EA fees and HIPS fee...we probably would have made about £2K more if we sold ourselves....but in this market i doubt that too...so we got a good offer...about evens really. No stress and we will be moving in June...whereas if we sold ourselves who knows!?

I really think its the EA - will ask another estate agent as to their opinion - see what they say. Mind you I should be staying put for the rest of this year but I got so excited with this thread I started imagining myself in a new house.