House seller wants to part ex mine.. help!

yorkshire_puddin

Any advise please?!
I've put my house on the market because i'm interested in buying one that's been for sale for quite a long time with different agents, at a range of prices.
It has been reduced from £240 to £225.
I was told there had been no viewings or interest for quite some time.. and the seller would probably take an offer or give £5,000 cash back.
As mine is still for sale I decided to wait until I had a buyer before putting in an offer. Then I got a phone call from the agent saying the people at the house I want to buy would like to look at mine.. with the thought of part exchange ( I have been led to believe they have two houses and really need to sell).
Then I was told they liked mine and wanted to do a deal and what offer would I make.
I offered a starting bid of £210 and full asking price for mine.
The answer to this the next morning was that the seller had a person in the same position as me, with a property to exchange, but they would pay the £225 asking price! With no mention of what they would give for mine.
As a result I've said it all sounds a bit fishy and I would go away and think about it..
My gut reaction is they are trying to pull one.. what does anyone else think?
Any help or advice please.. I might have to decide by tomorrow.. should I call their bluff and risk losing house??

Ps Both houses are with the same agent and the seller works for a major house builder who offer part ex on new houses, so probably very clued up on how to squeeze people!

AManOfKent_2

It certainly sounds like they are trying the oldest trick in the book of pretending there is more interest in their property than actually exists. You said yourself that there has been no interest or offers on their place for ages then two part-ex opportunities come up at once ! Mmmmmm.
The first thing you need to do is clarify exactly what they are offering for your place. Is it a straight swap or +/- cash balance. Once you know you can then decide on whether you want to accept it the same as if you were buying normally.
DO NOT sign or agree to anything until you know how much they are going to offer for yours. Then think about it. Ask why the property you want has been without viewings or offers for a long time. Is it the condition or location ? If they are having problems selling would it be a good investment for you ? Would you end up with a property you are unable to sell if you needed to move again. Let your head rule your heart for a short time . Pull the situation back into your control and proceed at a pace you are happy with. Your gut reaction is probably correct . Best Of Luck. Regards. Andy

silvercar

Imagine that you have a buyer paying full asking price for yours, so you are getting a few grand more than you maybe expected for yours.

With that in mind, how much are you willing to pay for this dream house? Make that you final offer, either they accept it or they don't.

The advantages are that there is no chain and you and your buyer/seller will be helpful to each other as you both want the deal to proceed. You can also slightly reduce the price of both places to save stamp duty.

We did a similar thing ( we had three of us in a mini loop) last year and it worked well. Solicitors, estate agents and people were all helpful because everyone had the same aim.

yorkshire_puddin

Thanks, that's good advice..
As Andy said I have to let my head rule my heart.. which is hard to do!
They are building a lot of new properties in the area which have lots of offers on, in the same price bracket. This house is 2 yrs old but the location is slightly better.
I think at full asking price it would take a long while to be worth what they want for it.. as far as resale goes.. and if anything happened and I needed to sell in a hurry, I might struggle.
I'll ask them to clarify the deal on mine.. and see what they say.
I just get the feeling if it's starting off on this footing.. what are they going to quibble about next (surveys etc.) I wouldn't have the money to be squeezed anymore!

Thanks again