New build part exchange

mose_2

Has anyone any dealings with part exchanging on new builds?

Do they offer a percentage of what your property is worth?

How does it work?

Thanks.

Feline_friendly

We are currently going through a part ex with Wimpey.

They basically get 2 EA's to come and value your home...but they do not tell you their findings so advise getting another EA for yourself to find out how much your house is actually worth nd not what you think it is...the EA's then give the developer 3 figures..the market value...the selling value..and the price to market it for a sale in 4 weeks.

In our experience they offered us at first £10K below the selling value...we said no it was too low...so in the end we bartered and got them to give us £5K more for our house and to knock some off theirs. Which they did.

There has to be 30% between the value of yours and the new biuld....in our case it worked out at 45%

Expect them to offer a low figure at first but then you barter.

That is our experience. Good luck

mose_2

Thanks for the quick reply. If you don't mind me asking how much was yours worth. just trying to figure out a percentage. 10k off of 100k is alot more than 10k off of 300k if you know what i mean. Still that seems quite good I thought they would take the mick with their offer.

Feline_friendly

Our selling price was £100K and they have given us £95K. They have also marketed my house for £94,550.

NoDebtForMe_2

Mine was worth £115k and they gave us 115k and had it on the market for £104950k - sold at £96k a week later.
Sarah

mose_2

Thanks for that i will look into it more.

Home_Swap_Advice

There doesn't always have to be a price difference of 30% either. Some builders are offering 100% PX because of the way the market is. I would search these boards as there have been a few threads on the subject.