Need advice

newtoitall

Hi

Our 3 bed detached has been on sale for just over a week now. had 3 estate agents who all came up with the same valuation price.

We have been looking at new build developments (last 3 months - Persimmon homes) and they mentioned part ex as an option. We didn't like the idea of losing so much money so decided to sell through estate agent.

We revisited the development last week for an update on new plots being released. We found out that someone else in our street (same house) is being part-exchanged for a new build. Persimmon will buy the other house and the whole process will be done in 6 weeks (so they say).

Our concern now is that Persimmon will buy this property and sell it lower than what our house is going for. This will have a knock on effect with viewers of our house as they will see the other went for a lot less and expect us to knock of the same money.

I am being overcautious or is this what will happen?

Doozergirl

Your house is on the market now. Theirs isn't.

Persimmon won't be looking to sell it off particularly cheaply - they will look for market value which if three agents have valued the same, I expect the asking price will be the same as yours. They will look to drop quite quickly if there is no interest.

Ultimately, there is more than one buyer and more than one house out there - a house in another part of town completely might prove better competition and sell before yours to people that have viewed yours.

There's no point worrying about it. If they sell it, then yours will be the only one for sale again. It's just selling houses. This is how it works. Would be lovely if yours is the only house for sale in the whole of town and you had people queuing up to buy it, but the reality is that there is way more than one house that is competition for you.

newtoitall

Thanks.

I thought they would want to make some sort of profit from the part ex.

Trouble is, when we asked an estate agent about this they said that normally a developer will ask for 3 valuations. 1 being true market value, 1 being value to sell in 6 months and 1 being value to sell it in 6 weeks.

If it was based on selling in 6 weeks, would they not put it on the market for far less than it's worth?