Part exchange nightmare (survey on home)

cluuuuur

Hi,

Currently involved in a part-ex to buy a new property. We've agreed to buy the show home for £5,000 more than the original requested price purely because it was the one we wanted, and it was the only way they'd part ex us.

We currently live in a house that's 100 years or so old. We're moving because the layout no longer suits us, and the location schools-wise isn't grerat for our needs - I work within some of the local schools and with some of the local people - which has potential problems.

All the part ex has been agreed - but the survey on our house was majorly delayed due to the ineptitude of the company that's been sorting it all out - we were ordered to give our keys to an estate agent as we were going on holiday for a fortnight so that everything (the marketing of our house, the surveys, etc) could take place whilst we were away. Nothing happened, except for the estate agent losing our keys (great) and our survey was finally done last week - 6 weeks later than it should have.

We had a completion date, etc - just over a weeks time. On Monday, however, we were told our house had failed the survey, and that the company we were p/e with had to come round and see us. We've been told we need a damp and timber survey done indepth. After that's taken place they'll come to a decision - whether to say no to the p/e, whether to come to an agreement about paying for the work that needs to be done with us, or whether just to continue with the purchase on the original terms.

They're also complaining that the back of our house (2 kitchen windows and a door) isn't double glazed, and that this is a problem. This has been in all of the marketing information from both estate agents they're paying to market our property. A HIP has been done.

Does anyone have any tips for us? How can we try to encourage them to take the property? It's in a fantastic area (which they're taking into account) and the guy said himself that he's aware of the fact that a house of this age isn't going to be perfect. Obviously, we've spent a lot of money getting to this point in the part exchange (what with deposits, paying for paperwork to be done, etc etc) and we don't want the house to get away from us. And in our minds they probably wouldn't want our sale to stop, as they've invested in selling our property, marketing with 2 estate agents, a HIP, solicitors etc, plus the fact we're paying £5,000 extra for their house - then again, being a big company, this is probably pittance?

I don't know. I could do with some words of advice or support because right now I can see everything slipping away.

Welshwoofs

I'm afraid my only tip is not very helpful!

There's no way in HELL I'd pay £5k over the requested price on a new build.....they're generally not even worth the asking price, let alone more!

SouthCoast

Why didn't you sell your house on the open market as it would have given you bargaining powers with your purchase?

This is a money saving site.

Doozergirl

Is this a small developer? It all sounds incredibly petty. And a bit odd!

I have taken houses in part ex but it's always been on the basis that they want my house, I view their house, have it surveyed and make an offer accordingly, knowing to start with what it's roughly worth. That's the way the big developers do it too...

If not for the fact that they want to pay the right price, or the fact that they don't want to buy a lemon, then for the simple fact that no developer would take a house off the market if they didn't have a genuine clue on whether it would complete.

My advice is to tell them they can take or leave it but you are ready to exchange at over their asking price. If they genuinely don't need the cash in the bank or have purchasers running all over them at the asking price (obviously not otherwise they wouldn't have take a part-ex) then they can walk away from it but your feedback on them obviously won't be good for their 'professional' reputation if they lead buyers up the garden path! I'm sorry I can't think of any other way to win them around because I think they are actually trying it on. No professional developer would behave like that and I believe common term for what they are doing is 'gazundering'

Just to clarify if this was an average man on the street buying your house I would not call it gazundering as you offer subject to survey, but a developer really should know better and no offer should be made without one.