Part exchange or private sale

brokeinbristol

Hi I'd appreciate some advice.

I'm interested in part exchanging my house in a David Wilson part exchange scheme in order to purchase a new build. I have had my house on the market for 5 months and have 'sold STC' twice, both times the buyer paid near asking price within days of it being advertised and then dropped out because they had
a) failed to get a mortgage as it was a PRC repaired property and the particular lender they tried wouldn't lend. even though the repair work has been done and we have the certificates to prove it and we currently have a mortgage on the property.
b) the second buyer decided she had found some thing else and therefore didn't proceed to exchange. .

I have just sold it today for the asking price, but have not accepted yet as I am currently in negotiations with David Wilson to part exchange it. They have sent round agents for valuations and we are waiting to hear back from them to negotiate prices / stamp duty etc.. We are going to chase them tomorrow to follow this up.
I haven't accepted the private buyers offer of the asking price yet and as they are in a chain I'd prefer to sell to the developer and have a hassle free move, or do I chance it again with selling myself and hope the chain doesn't fall through.

gettingtheresometime

Ah the $64M question.

Really depends on to how much you value the fact you won't have a chain to worry about and whether you think it's worth the cost.

sultanabran

Well the maximum they will likely give you for your home is 98% of it's value. They will offer you a part/ex number based on a quick sale. So if your house is valued at 100k, they might offer you 95. They don't look to make money on it, just not lose too much money on it and get it sold quickly.

katastrofa

You can always bargain their price down. That's what we did recently - the developer offered £60k below our asking price (this is London, so such differences are common), so we offered £60k below theirs. They accepted it. They want to sell both flats quickly.

swishy87

We part exchanged last year with DW. I think we may have been able to get a couple of grand more privately, but to us not to have a chain was a god send and worth it and we also didn't have to pay estate agent fees either. See what DW offer you and then try and get them to give you more then make a decision. It all depends on how much you want a chain really I would say. Good luck.