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Part ex - stress and misery!
mrs-h_3
Posts: 109 Forumite
Hi
We agreed to do a part ex fall back on our current house against a new build, and the builder agreed that he would keep reducing the house until sold and if he had to take a loss he would...
Now some 4 and a half weeks into the scheme and only one reduction of 5k he is now saying that after 6 weeks if another person is in a better position to buy the new house then he will go with them. He has now said he can offer us full part ex but it leaves us a further 8k short in what has already been a tough time for us saving etc.
He has said he will reduce it maybe later this week, but if it doesnt sell he has no alternative but to potentially go with another buyer. We feel we have been totally misled as originally although it said 6 weeks the builder said that he would keep it ongoing as they were keen to get the sale.
Has anyone got any advice on been in a similar situation
Thanks in advance
We agreed to do a part ex fall back on our current house against a new build, and the builder agreed that he would keep reducing the house until sold and if he had to take a loss he would...
Now some 4 and a half weeks into the scheme and only one reduction of 5k he is now saying that after 6 weeks if another person is in a better position to buy the new house then he will go with them. He has now said he can offer us full part ex but it leaves us a further 8k short in what has already been a tough time for us saving etc.
He has said he will reduce it maybe later this week, but if it doesnt sell he has no alternative but to potentially go with another buyer. We feel we have been totally misled as originally although it said 6 weeks the builder said that he would keep it ongoing as they were keen to get the sale.
Has anyone got any advice on been in a similar situation
Thanks in advance
0
Comments
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Do you actually have a contract with the builder? If so, what does it say?What goes around - comes around0
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it does say plot reserved for 6 week period however the conversations we have had both over phone and face to face he has said that he would keep it ongoing....0
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What he says is meaningless. Always get property deals in writing - that's all that counts.
If it's reserved for 6 weeks, then at the end of 6 weeks there is no deal.0 -
Who's the builder?
What's being offered isn't part-ex, all he's doing is marketing your property for you - two very different beasts and most definitely should not be advertised as such.0 -
He has now said he can offer us full part ex but it leaves us a further 8k short in what has already been a tough time for us saving etc.
Do you have a mortgage on your current property? You could talk to your bank/bs and ask for an additional amount to cover the difference? (ie. an equity release)0 -
Who's the builder?
What's being offered isn't part-ex, all he's doing is marketing your property for you - two very different beasts and most definitely should not be advertised as such.
I remember one builder (possibly Persimmon?) offering a scheme like this a few years back - they called it "Conditional Part Exchange" - customer pays a deposit, builder tries to sell the old house using their own EA, if it doesn't sell then customer loses deposit ... sounded dodgy to me so I avoided it.0
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