Persimmon Part exchange on cheaper house

tracex

Hi
My parents are wanting to sell their two bed bungalow quickly in order to buy a three-storey from Persimmon, which is £30k cheaper. They've approached the builder who say they'll only consider part ex if the property they want to buy is 30% more expensive. Has anyone ever managed to persuade the builder or are there any other ways they could reserve the property of their dreams before they lose it???

Doozergirl

It's standard for builders to ask for 30% more.

As you pay through the nose for part-ex anyway, why not put the house in the market with a very low asking price, but asking for 'offers over'. If it looks enough of a bargain people will start tripping over themselves to buy it and your parents should get offers pretty close to what it's worth anyway.

Then you can go back to Persimmon who must be pretty desperate to shift that plot if they are offering part-ex, and knock them down on the price instead.

Jonbvn

Persimmon will reserve a property for a short period, for a non refundable deposit of a few hundred pounds. The reservation period is usually a month, after which they will be looking for a 10% deposit.

To be honest, I have never heard of a developer part-ex'ing for a more expensive property. The only way I can see that they can proceed, is the normal route of selling their existing house.

What is the status of construction? When is completion likely to be?

Edit: Dozer girl is right. Developers want cash, not more property!