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developer buys new build back

dirknbr
dirknbr Posts: 5
First Anniversary
Forumite
in House buying, renting & selling
We are looking to buy a property and found one which the developer bough back from the owners after a few years. Do you think this is a good or bad sign? Why would they do that?

Comments

  • Annie35
    Annie35 Posts: 385
    Fourth Anniversary 100 Posts Name Dropper Combo Breaker
    Forumite
    Is it a part exchange possibly on a bigger house with the same developer?
  • eddddy
    eddddy Posts: 18,786
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    It's unusual for a developer to buy a house back.

    The only reasons I could see wold be...

    Part exchange (as Annie35 suggests)...

    Or that it unlocked a development opportunity, which they hadn't foreseen when they first sold it.

    (e.g. They bought it back in order to use some of the garden to build an access road - and are now reselling it with a smaller garden.)
  • eidand
    eidand Posts: 1,023
    Fifth Anniversary 1,000 Posts Name Dropper
    Forumite
    the other option is that the house was so badly built that the original owners convinced the builder to buy back their own crap or they'd go to the papers or something similar.

    Find out exactly why it was bought back, with a view of running away at the first sign of trouble.
  • AnotherJoe
    AnotherJoe Posts: 19,622
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Forumite
    Eidands answer "crap build"!occurred to me as well so I'd be very careful to ascertain why they bought it.
  • PasturesNew
    PasturesNew Posts: 70,698
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    My sibling bought in Phase I of a new build; their neighbours liked it so much they bought a house in Phase II and sold their first house back to the builders.... who then sold it at a loss.

    Maybe they bought another that the developer built...?

    Bought 2010 £257k
    Sold back to developer 2011 £235k
    Developer sold it 2012 £215k.
  • dirknbr
    dirknbr Posts: 5
    First Anniversary
    Forumite
    yes it was the trade up or part exchange for a bigger one
This discussion has been closed.
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