Part exchange to a developer

macaulays

Hi there, I have a flat in Angus, Scotland that I have owned for about five years but have mainly had let out during that time as we have been working away in different areas. I had hoped to sell the property so that we could buy something elsewhere that meets our needs better (things change in five years!) but am having a really hard time getting it shifted.

Just a small simple flat with a HR value of 85k but have had it on the market for well over a year, have asking price down to 15-20k below the HR value depending on agent, tried an auction entry but no bids (maybe a geography issue as most auctions central belt based) and couldn't even get a price from the 'cash buy' firms as they didn't fancy looking at stuff north of Edinburgh.

The only option I haven't explored is the part exchange option that some developers offer - does anyone here have any experience of them? I appreciate they will have criteria for what they'd consider but I don't seem to be able to find any developer that publishes these, they all say 'reserve a plot then we'll tell you'. I would only be considering a development if they were able to consider the property for part ex so the above seems to be a slightly back to front way of approaching it! Are any developers more/less accepting than others? Are the criteria likely to be site specific? Would I have a better chance looking at developments close to where the property I currently have is based or does that not make any difference?

Thanks for any advice.

davidmcn

I don't think it makes a difference where the property is, but I doubt they'll want something which is difficult to sell - they'll want to put it on the market and get rid of it as soon as possible.

macaulays

Thanks for the thoughts. Does anyone know if any particular developers are more/less keen on part ex or whether it would likely be site specific as to whether they need to or not?