Advice needed re: new build

geordiepaul2001

Hi all,

I went along to my local Taylor Wimpey homes site yesterday to look at a 4 bed detached house marketed at £220,000.
Whilst there they advised me that they have one of this style which is completed and has fallen through several times due to problems with mortgages, change of mind, relocation etc. This property is listed for £210,000 and comes as seen (a shell-- no tiles, carpets, turf etc).

I note that £10,000 off the price isn't even a 5% deduction, should I expect more wiggle room?
Also if it's completed and they have moved onto another street, am I likely to get carpets etc thrown in?

Oh and if it's relevant I am looking to part ex.

Paul

kingstreet

A part-ex muddies the waters. If you want money off the newbuild, you'll lose on the PX price and vice-versa. You have to weigh up the overall transaction and decide if it's right, not just look at one half the equation in isolation.

geordiepaul2001

I have been back along for another look today and I have been advised that someone else is having a part ex valuation done against the same house. He has took our details to get a value of ours and said they will choose the best between the two prospective buyers.

Are they under any obligation to tell us how much the same house has sold for elsewhere on the plot?

I must admit that I concerned that there appears to be no room to haggle and that it is a case of pay the asking price.

Paul

lincroft1710

They can offer to sell at whatever price they want and have absolutely no obligation to tell you what other houses have sold for.

Part exchanging puts you in a poor bargaining position.

Abatement

geordiepaul2001 wrote: »

I have been back along for another look today and I have been advised that someone else is having a part ex valuation done against the same house. He has took our details to get a value of ours and said they will choose the best between the two prospective buyers.

Are they under any obligation to tell us how much the same house has sold for elsewhere on the plot?

I must admit that I concerned that there appears to be no room to haggle and that it is a case of pay the asking price.

Paul

Ignore the stuff about the other "prospective buyer" unless you have any concrete evidence that they exist. He may just being trying to put pressure on you.

You need to weigh up the deal as a whole, based on what you think the new house is worth, how much you think you could get for your existing place, and how much the convenience of part-exchanging is worth to you.

If you don't think the deal is up to scratch, ask for a better price and be prepared to walk away.

geordiepaul2001

Just as an update to this thread...

The builder just made an offer of around 86% of my homes value based on a six week sales figure.
Looks like the move is off the table.

Paul

Guest101

What a cheek!

I'd walk away, but if your heart is set, you dont need to PX, just make your offer, and if accepted market your property as your own.

However my question is why are mortgage offers collapsing and they decided to sell as a 'shell', that's a very strange excuse.

geordiepaul2001

I think we will end up selling ourselves and then look again to see where we are at. I have called and rejected the offer and they came back with £5k gifted deposit and increased the purchase price for our house by 5k.
Still not working thought.

crispy_chris

Haggle with them on the px value but don't expect them to discount the price.

We haggled their px offer up by £12k, but had to pay asking price for our new build, so swings and roundabouts I suppose.

geordiepaul2001

crispy_chris wrote: »

Haggle with them on the px value but don't expect them to discount the price.

We haggled their px offer up by £12k, but had to pay asking price for our new build, so swings and roundabouts I suppose.

How long did that take?

terrierlady

it will not be sold as a shell, it will be basic spec, have tiles, kitchen/ bathroom etc. needs it to get mortgage and nhbc,you must be proceedable to reserve, ie have sstc or have cash or doing part exch, they dont offer 100% no builder does to my knowledge, you need to decide what you want ie part exch or get yours on the market yourself. You can find out what other plots sold for; look on the land registry or Zoopla etc lots of places list info, thats the true price of the plot not the list price, any home new or old is only worth what anyone willingly pays for it.