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part exchange
pauline78
Posts: 3 Newbie
Just looking for some advice, we have viewed a property that we would like to buy but our house is not on the market yet. The house we want to buy has a home report of 150000 but it has a discount of 30000 with a purchase price of 120000. They have offered to part exchange our house for that one but at a lower price that it's valued at which would mean no deposit to put down for new house. The mortgage advisor has said that as the value is 150000 we can get an 80% mortgage at 120000 and the 30000 equity on the new house would be the deposit! I'm a bit confused where the 30000 deposit is coming from and when will I be paying for it as my mortgage is for 120000? Sorry bit of a long story but any advice would be appreciated. Thanks
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Comments
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Theres not much chance of getting a good discount on a new house and a good part ex price at the same time.
I signed up to part ex yesterday on a new build. The are giving me 160k for my house (which i think is an excellent offer which i would take as a normal sale no problem). They refuse to budge a penny on the new house price of 239,495 though.
I suppose i have saved maybe 2k estate agents fees and a lot of hassle by going this route though. I also managed to haggle carpets and stamp duty paid into the deal too which together are worth about 5k.
I recon a good price for mine and the savings as above are probably about the equivalent to 20k off the list price of the new house for a straight sale. Its also difficult to put a price on the hassle saved by part exing though but i think its got to be worth a few k anyway!0 -
Thanks, the house isn't a new build I think that was a part exchange previously and that's why it has a discount.0
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Welcome!
Have you put these questions to the mortgage adviser? Why are you viewing houses when yours is not on the market? Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
I'm seeing the mortgage advisor on Monday when I will ask him just wondered if anyone had came across it before. We just went to see it to see what it was like as it had such a big discount thought something had to be wrong with it but so far nothing.0
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