FTB in a bidding war with investor

cupofjava

Thanks for the advice everyone. Sadly it's being sold on by a building company as it was a part exchange. So appealing to the owners won't do much good; it's all about getting the best return in the shortest time possible.

Cakeguts

cupofjava wrote: »

Thanks for the advice everyone. Sadly it's being sold on by a building company as it was a part exchange. So appealing to the owners won't do much good; it's all about getting the best return in the shortest time possible.

That bit of information is another red flag to me. People who can sell properties easily on the open market don't generally part exchange because you get less for your property. The part exchange suggests to me that this flat has something about it that makes it difficult to sell. You really do need to try to find out what is wrong with it.

AnotherJoe

Cakeguts wrote: »

That bit of information is another red flag to me. People who can sell properties easily on the open market don't generally part exchange because you get less for your property. The part exchange suggests to me that this flat has something about it that makes it difficult to sell. You really do need to try to find out what is wrong with it.

Thats not necessarily true with new builds, which may well be the case here, eg it was a pex for a newbuild.

Freecall

AnotherJoe wrote: »

Thats not necessarily true with new builds, which may well be the case here, eg it was a pex for a newbuild.

I totally agree. Developers will often part-exchange and then sell on at a loss. Remember, their main concern is to maintain sold prices on their development at a high level as these are publicly visible.

As long as the overall deal makes sense they are much happier taking the discount on the part-ex than on the new house.

True bargains are often available when buying properties that have been taken in part-ex but you have to be prepared to move quickly, they just want to get rid.