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Trying to do a complicated Part Exchange

2

Comments

  • dslator
    dslator Posts: 42 Forumite
    zzzLazyDaisy wrote: »
    Yes, of course it would.

    But it seems from OP's posts, that they haven't factored that in since they seem to want their buyer to bear the cost of doing the deal with the developer.

    No, just part of the cost.
  • silvercar
    silvercar Posts: 49,658 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    dslator wrote: »

    I just wanted advice from anyone out there that's done something similar. Have we done the right thing and is it likely to work?

    If everyone wants it to happen it will work. Suddenly you have a chain of people all wanting the links to hold and the deal to be done. Sure things can still go wrong, like people fail to get mortgage offers, but there is now an incentive for everyone to make it work.

    We did it 5 years ago, when mortgage were easier to come by. We bought our dream home and bought our buyer's buyer's home at the same time. So it can be done.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • dslator
    dslator Posts: 42 Forumite
    I'm a bit worried now cos the house i'm after has just disappeared from Rightmove and the estate agents website.

    But today builder is looking at our buyers house I want to part exchange.
  • dslator
    dslator Posts: 42 Forumite
    edited 17 August 2011 at 11:11PM
    Offered Part exchange on 1st August. The builder looked at the part-ex house (my buyers house) on 8th August. When I ring the estate agent of the builder they just say he's still considering it or that they're talking to the bank. Why can't they just give me a difinitive answer?

    A couple of months ago I offered my house as part-ex and they replied in 2 days to say the difference in prices wasn't enough so why is it taking so long now?
  • dslator
    dslator Posts: 42 Forumite
    Any ideas?
  • DVardysShadow
    DVardysShadow Posts: 18,949 Forumite
    dslator wrote: »
    A couple of months ago I offered my house as part-ex and they replied in 2 days to say the difference in prices wasn't enough so why is it taking so long now?
    First time around, the part exchange was obviously not good enough. This time, the offer is not bad enough to reject outright.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • dslator
    dslator Posts: 42 Forumite
    DVardysShadow wrote: »
    First time around, the part exchange was obviously not good enough. This time, the offer is not bad enough to reject outright.

    But why aren't they giving us an answer?

    If it goes on much longer I will lose my buyer.
  • silvercar
    silvercar Posts: 49,658 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    dslator wrote: »
    But why aren't they giving us an answer?

    If it goes on much longer I will lose my buyer.

    Sounds like they are waiting, either to see if they get another buyer without the need to do a part-ex or to see if the part-ex house attracts any offers.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • dslator
    dslator Posts: 42 Forumite
    silvercar wrote: »
    Sounds like they are waiting, either to see if they get another buyer without the need to do a part-ex or to see if the part-ex house attracts any offers.

    Trouble is, if my buyer sells their house, they might not buy my house as they can now pick and choose as they are in a more powerful position.
  • GDB2222
    GDB2222 Posts: 26,288 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    dslator wrote: »
    Trouble is, if my buyer sells their house, they might not buy my house as they can now pick and choose as they are in a more powerful position.

    Well, your offer's simply not tempting enough for the builders to bite your hand off. Is there anything you can do about that? Or maybe the builders are terribly inefficient? Or they are just about to go into liquidation, anyway? You must know better than we do, mustn't you?
    No reliance should be placed on the above! Absolutely none, do you hear?
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