Persimmon PX valuation

Wolfman420

Hi guys, new member but long time lurker!

Me and the Mrs are thinking about px with persimmon homes, early days yet and we want independent valuations before they make theirs. My question is do they conduct a structural survey of the property as well, or just EA valuation?

Many thanks

Wolfman420

RenStar

Hi there, we are also doing a PX with Persimmon. In our case, they sent around 3 agents to value the property. They then made us an offer which was about 5-10k less than the valuations we had from a different set of agents. Once we accepted their offer, then they sent around a surveyor.

A couple of things to be aware of - when Persimmon ask you what you think your property is worth, unless you have got some valuations, just say you don't know. Get your own valuations form a different set of agents either before or at the same time as Persimmon send their set of EAs around to avoid them down valuing your property too much. Even though its a part exchange, they will be looking to sell your property as quickly as possible so that the liability is off their books. Be aware that the agents who they send around will measure up and take photos as part of the valuation. This is because if you go ahead, they will be instructed by Persimmon to market your property on their behalf. They will not discuss the valuation with you so you need to be very clear about the actual value of your property and how much hit you're prepared to take for a guaranteed buyer, the lack of chain and estate agent fees.

Another thing, Persimmon will try to tell you that because you're doing a PX, there is little or no room for negotiation on the price of their plot. This is BS - there is always room for negotiation. Granted , not as much as if you walk in STC but still wriggle room. In our case, we got £25K off the price of our plot, carpets and flooring and one built in appliance - I tried for more but they point blank refused. Ah well, was worth a try!

Good luck with your PX, hope they come out with a decent offer for you. In our case, their offer will be pretty much what we'd end up with once the EA fees were paid less the headache of chains and general risks with buyers so its very much in our favour.

gibby9

We recently turned down a PX offer from Persimmon.

As we are in Scotland we had already had a home report survey carried out. Persimmon offered 10% lower than the valuation and were not willing to negotiate on purchase price or include any extras.

I think much depends on the individual development and hoe they are selling.

caeler

I've just completed on a PX with the persimmon group. I think it depends on the time of year (ie financial year end which is December) and how their houses are selling. I got a market value offer of PX which of course I accepted. They gave me a big discount on the new property with extras and they have sold mine for 5% less than they paid me. Plus I get a £1K bonus when the seller completes because they found him before I completed. Mad!

JQ.

Estate Agents are not valuers and they have all sorts of different motivations for putting certain values on properties that may not align with your own motivations. Why not get a qualified Chartered Surveyor to independantly value your house. I'd guess the cost would be around £250 (may be less, I don't know) but at least you'll know exactly how much your house is worth. When you're considering selling something worth hundreds of thousands of pounds based on a valuation it amazes me that people rely on the free services of an EA for such an important task, or even worse valuations provided by the buyer . How can you enter a meaningful negotiation when you don't know the real value of the thing you're selling? People don't do it when selling normally because the market will decide the value but when in a px situation that won't happen as it's a single negotiation.

Wolfman420

Thanks for the responses. Basically we only turned up to ask about the PX scheme, before I knew it we were looking round the show home and the sales woman was trying to sign us up for a valuation! It was going too fast for my liking! I've got some work to sort out before any valuations are made and was just curious about the surveyors visit.

RenStar

caeler wrote: »

I've just completed on a PX with the persimmon group. I think it depends on the time of year (ie financial year end which is December) and how their houses are selling. I got a market value offer of PX which of course I accepted. They gave me a big discount on the new property with extras and they have sold mine for 5% less than they paid me. Plus I get a £1K bonus when the seller completes because they found him before I completed. Mad!

Caeler, thanks for this and I'm really interested in the bonus element. They put our house up for sale with three agents week before Xmas and we have been told today that they have accepted an offer already on it which I'm chuffed about cos no more viewings! :T Our plot is not due to for completion to end of March. Did they offer you the bonus voluntarily or do you have to ask?