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Part exchange on a new build - any advice gratefully received?
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bigg2001
Posts: 84 Forumite
Well after months of deliberation, my husband and I finally narrowed our house search down to 2 houses, both new builds last Sunday -22 July. We want to part exchange our property and are aware that they will give us a lower price than were we to sell it normally.
The sales advisor told us that since we had only had 3 estate agents out 5 dys before, they would speak to them about a part-exchange value but that it could be less than we had been quoted as it would be a price to sell in 10-12 weeks. We gave them the information and they promised to contact us by Friday - 27 July. In the mean time I spoke to the sales advisor who asked us about what price we would pay for the new build which we discussed. On Saturday 23 July, the sales advisor told me that they were now instructing 2 of their agents to value the house as there was a significant difference in the valuations - 40k she said and that the figure was lower than we wanted but she was unprepared to discuss the valuations.
When she left thë room, we were able to see the prices quoted which were 275k and 290k (they only contacted 2 of the 3 who had quoted us 285, 295 and 300+) and we had said we expected 285k so not a million miles away from the average. My questions are.....
Are they instructing their estate agents to get an even lower valuation do you think?
Is this common practice?
In the time they have wasted before instructing their own people, one of the houses has been sold which they rang to inform us today? Should we be cross or just let this go - it does put us at a disadvantage as they know we only like one house which is half built so negotiations will be trickier nd if they had just got their agents in first we would have been in a position to make a decision yesterday!
On the new build, how much extra in value eg carpets, wardrobes etc are we likely to receive ? It is on the market for 430k, has been for sale since feb 2012 with a showhome at the development since May 2012 and only 5 houses of 22 have sold in that time including the one today?
Even just sharing experiences of negotiating on new builds - is 13-15k too much to expect which would be carpets, wardrobes, a fireplace, granite work tops, a shower in family bathroom and chrome switches in kitchen.
Or should we do upgrades ourselves and try and negotiate a lower selling price?
My head is all over the place - such an emotional roller coaster and we thought ths would be thë easy option... Please help me X
The sales advisor told us that since we had only had 3 estate agents out 5 dys before, they would speak to them about a part-exchange value but that it could be less than we had been quoted as it would be a price to sell in 10-12 weeks. We gave them the information and they promised to contact us by Friday - 27 July. In the mean time I spoke to the sales advisor who asked us about what price we would pay for the new build which we discussed. On Saturday 23 July, the sales advisor told me that they were now instructing 2 of their agents to value the house as there was a significant difference in the valuations - 40k she said and that the figure was lower than we wanted but she was unprepared to discuss the valuations.
When she left thë room, we were able to see the prices quoted which were 275k and 290k (they only contacted 2 of the 3 who had quoted us 285, 295 and 300+) and we had said we expected 285k so not a million miles away from the average. My questions are.....
Are they instructing their estate agents to get an even lower valuation do you think?
Is this common practice?
In the time they have wasted before instructing their own people, one of the houses has been sold which they rang to inform us today? Should we be cross or just let this go - it does put us at a disadvantage as they know we only like one house which is half built so negotiations will be trickier nd if they had just got their agents in first we would have been in a position to make a decision yesterday!
On the new build, how much extra in value eg carpets, wardrobes etc are we likely to receive ? It is on the market for 430k, has been for sale since feb 2012 with a showhome at the development since May 2012 and only 5 houses of 22 have sold in that time including the one today?
Even just sharing experiences of negotiating on new builds - is 13-15k too much to expect which would be carpets, wardrobes, a fireplace, granite work tops, a shower in family bathroom and chrome switches in kitchen.
Or should we do upgrades ourselves and try and negotiate a lower selling price?
My head is all over the place - such an emotional roller coaster and we thought ths would be thë easy option... Please help me X
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Have moved this to home buying thread as just realised its in mortgages which is a whole other issue!!0
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