part exchanging homes

jiblets1

Hi.
My OH and I have had our one bedrrom flat on the market for a while. We are (after changing estate agents) having loads of viewings, but no offers. As we are getting married in May we are getting a little impatient.

Does anyone have any useful advice about part exchanging homes? I can see that Barratts do this. Do they offer fair prices for your home? Are they doing it because their homes are sub-standard and it's the only way they can sell theirs? (I know nothing). Are there lots of companies that do this and are some better than others?

Thanks in advance.

Finishrich

Not sure of the ins and outs of it. But I'd presume it works on the same principle as trading in your car. ( You could sell it privately and hoepfully get more for it or you trade it in with the garage and they give you a lower price).

I think a number of house builders like Barratt offer this service now.

hex2

I did a trade with Persimmon a few years back. They sent three agents to put a price on it for a four week sale, then gave me the average of the three - which was more than I expected. They then put it on the market at that price.

They are a mid range bulder so reasonable quality. They would only accept property that fit their criteria re age and location, and you had to be upgrading by at least 20k.

If you do look at new builds try and find a small development with little room for further building - big sprawling ones with lots more being built can mean a significant short term drop in price if you have to sell in the short term, lots of competiton for virtually identical houses. Have a look at the quality of the show home and go to a few different ones before you make your mind up. Ask to see a completed non show home house.

HTH

rio

Expect to be offered at least 10K less than the value of your property. The builder will want to recoup their fees etc. They will hope to sell you property on before you move out, so you will probably have to do loads of viewings which can be a bit of a pain, as the EA will push your property so to keep in with the builder. We had problems when we part exchanged as we would not show people around on Sundays, which the builder we exchanged with didn't like - but my husband works Saturdays so it was the only family day of the week for us! When you sign for a part exchange you are talking 4-6 weeks until you move, so you really need to be on the case re your solicitor etc.

jiblets1

Thanks everyone - lots of useful tips.