Part Exchange queries

geordiescouse

Hi, am currently thinking of part exchanging my home for a new build which I have done in the past, however the site office have told me they can take several part exchanges on the same plot and will pick whichever customer they think is the best for them. This is making me feel very concerned that I go throught the whole process only to be told that Customer A has a more saleable house than me and therefore I'm out of the equation. The last p-ex I looked at they would only take one customer per plot, make an offer and if the offer was rejected they would then have a waiting list for other interested parties which appeared a lot fairer.

Does anyone have any experience of this?

chickmug

When you say Site Office told you do you mean Sales Office?

When I was in new build Site Office meant Site Manager over the building work and in our case they often tried to help and got it badly wrong.

If they have so much interest they can pick and choose but if I were you it is NOT a game I would play.

As an ex agent I refused to deal with sellers that tried to play this sort of game as it is totally immoral.

geordiescouse

Sorry I meant sales office!

I know it's not a game which is why I'm concerned.....I don't want to be the one who gets disappointed. I don't know whether there is that much interest, after all the property is built and hasn't sold yet, but there is a substantial reduction. I know there is no other party involved at the moment, but we still have the bank holiday weekend and my valuation isn't due till Tuesday.

chickmug

geordiescouse wrote: »

Sorry I meant sales office!

I know it's not a game which is why I'm concerned.....I don't want to be the one who gets disappointed. I don't know whether there is that much interest, after all the property is built and hasn't sold yet, but there is a substantial reduction. I know there is no other party involved at the moment, but we still have the bank holiday weekend and my valuation isn't due till Tuesday.

I guess if you are not paying out for the valuation you can wait and see but meanwhile get biting your finger, and toe nails.

Oh why is it so hard trying to buy somewhere

geordiescouse

chickmug wrote: »

I guess if you are not paying out for the valuation you can wait and see but meanwhile get biting your finger, and toe nails.

Oh why is it so hard trying to buy somewhere

Guess it's a week of nail biting for me!

chickmug

geordiescouse wrote: »

Guess it's a week of nail biting for me!

I'll keep my fingers, legs and eyes crossed for you.

But do let us know what happens.

Doozergirl

chickmug wrote: »

I'll keep my fingers, legs and eyes crossed for you.

If the wind changes, you'll look proper stupid!

geordiescouse

Latest update.....have found out we are the only ones in for a part ex. We had second valuer out this week, but he wasn't giving anything away (ie figures!) so we should here something on Friday. Only prob now is that we are still under contract with our EA for another 3 weeks or so.....will they want paying? They obviously haven't introduced us to the builder but does that matter? If the figs are favourable I would imagine the builders would want to begin their own marketing straight away.

chickmug

geordiescouse wrote: »

Latest update.....have found out we are the only ones in for a part ex. We had second valuer out this week, but he wasn't giving anything away (ie figures!) so we should here something on Friday. Only prob now is that we are still under contract with our EA for another 3 weeks or so.....will they want paying? They obviously haven't introduced us to the builder but does that matter? If the figs are favourable I would imagine the builders would want to begin their own marketing straight away.

Is the contract with the agent:

1) Sole Selling Rights where agent expects paying regardless of how sale takes place even if you sell yourself.

2) Sole Agency where usually you can sell yourself and no commission owed.

Either way read the terms carefully.

geordiescouse

chickmug wrote: »

Is the contract with the agent:

1) Sole Selling Rights where agent expects paying regardless of how sale takes place even if you sell yourself.

2) Sole Agency where usually you can sell yourself and no commission owed.

Either way read the terms carefully.

Thanks chickmug, the agreement is sole agency and has approx 3 weeks to run. The bit that I'm not sure about is where it says;
' You will be liable to pay remuneration to us .........if at any time unconditional contracts for the sale of a property are exchanged with a purchaser introduced by another agent during that period'

Am I classed as another agent?

Thanks

chickmug

geordiescouse wrote: »

Am I classed as another agent?

Thanks

No so don't let them try and get £££'s off you. A decent agent wouldn't even try.