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Part exchange process
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Owen167
Posts: 2 Newbie
Here's hoping I'm not asking a question that has been asked before or one that's really dumb!!
We are interested in part exchanging our house (110%) for a new build/show house. We have already had 3 EA's value our house which have given us one valuation of 100k and two valuations of 110k, at 110k we would be looking at getting 106k realistically which gives us a part exchange of approximately 116k.
This is the point where I am unsure of the process. Do we now:-
a. Arrange for vendor to value our house (costs £250) then negotiate on the asking price for the new build/show house
b. negotiate terms/ asking price before asking vendor to value our property
Sorry if I'm being a bit stupid but the last time I bought a house Noah was but a boy!!!!
Thanks for any advice given
We are interested in part exchanging our house (110%) for a new build/show house. We have already had 3 EA's value our house which have given us one valuation of 100k and two valuations of 110k, at 110k we would be looking at getting 106k realistically which gives us a part exchange of approximately 116k.
This is the point where I am unsure of the process. Do we now:-
a. Arrange for vendor to value our house (costs £250) then negotiate on the asking price for the new build/show house
b. negotiate terms/ asking price before asking vendor to value our property
Sorry if I'm being a bit stupid but the last time I bought a house Noah was but a boy!!!!
Thanks for any advice given
0
Comments
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The developer will have your property valued independently and make you an offer for it.
This may well be lower than open market value.
What you need to factor in is that the developer then has the issue of selling it not you.0 -
If they offer you a good deal on PX then very likely you will pay the asking price for the new property.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
I'd be surprised if the developer offered you even the lowest valuation-probably about 15% below this.0
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