Offer on a part ex

Catkei · 12 June 2018 at 7:14AM

Hi! We're FTB and have recently seen a freehold coach house (2 bed) we're thinking of putting in an offer on. It's being sold as the current owners are part-ex'ing it for a new build. Apparently their new home won't be finished until October. That suits us fine as we're on a fixed term letting until end of Sept. It's currently on the market for 185k and only been listed for about 1month. I know it sold in 2015 for 146k. I've read around a bit and it seems that it's worth putting in quite a low offer for part ex properties? Being new to this we're unsure how low it would be reasonable to go? I know it's a bit "how long is a piece of string ". I'm thinking of putting in an offer of 165k, but OH thinks that's too low. Since its quite a new estate (completed in 2015) I can't find any second sale and more recent prices to compare. Wouldn't mind some second/third/fourth opinions please!

sal_III · 12 June 2018 at 9:24AM

If you are not in a hurry to buy, go with the 165k offer. Worst think that could happen is it gets rejected, then usually you have the option to put a new offer.

Mnd · 12 June 2018 at 9:24AM

Offer the 165, see what response you get
Decide how much you will be prepared to pay and negotiate somewhere in the middle (hopefully)
Good luck, keep us updated

hazyjo · 12 June 2018 at 9:46AM

As a seller, I'd be presuming you'd expect to meet in the middle and were looking to pay £175k. Maybe not the case, but the figures are so 'either side', it just seems that way. If you're not willing to go up to that, I'd pitch it slightly differently.