Part exchange - pay over the odds just to move

Frth

We have found a house we love.
Our house has been on the market since July 2018 with only 1 viewing.
We've reduced it right down to way below market value and still nothing.

The house we like has said we can part exchange if we offer full asking price. I know they have in the past accepted £10,000 below asking price.
We are tempted to do it to get the house and move from this one.
Anybody know what fees they are likely to pay? As possibly the cost on fees we may save will make it more beneficial?

Or is it more wise to reduce ours further? There a high chance a further reduction will still just leave it standing. It's had no interest at all

lisyloo

Are you buying from a developer?
You would save estate agents fee for selling yours.

What price is the new house and what price is yours?
Clearly £10kis a lot from £100k but not so much from £500k.

I’d say if you want it and can afford it and this is the right thing for you then go for it.

Kevin1991

I went through this recently. Personally it was a waste of time for me. House was previously valued at 107k.
The builder sent 2 independent estate agents around and then a visit from the part ex manager this was over say 2 weeks.
The offer came in at 90k, 17k less than the valauations even from their estate agents.
Sold my house privately 3 weeks later for 107k. I was willing to take offers around 101k for the part ex but 90k was a little cheeky.

Thrugelmir

Kevin1991 wrote: »

Sold my house privately 3 weeks later for 107k. I was willing to take offers around 101k for the part ex but 90k was a little cheeky.

That's the risk for the developer. As they've the cost of servicing the debt to consider until the property is sold. Along with the fact that they'll incur selling costs as well. The developer won't be borrowing at the same interest rate as your mortgage. Will be much higher. In fact they'll want to move the property on ASAP. What part exchange offers is convenience and a lot less stress. Cost is then a personal decision.

oddjobbpb

Thing is, your house is obviously not below market value - otherwise it would have sold.

You might think its below market value but I'll bet it isn't.

I know this won't be what you want to hear, sorry.

AnotherJoe

oddjobbpb wrote: »

Thing is, your house is obviously not below market value - otherwise it would have sold.
You might think its below market value but I'll bet it isn't.
I know this won't be what you want to hear, sorry.

Exactly this! If it was at market value it would have sold by now, that's the definition of what it means.

AdrianC

Frth wrote: »

We have found a house we love.
Our house has been on the market since July 2018 with only 1 viewing.
We've reduced it right down to way below market value and still nothing.

Let's see the RM listing.

The EA details get viewings in. The house itself then either turns those into offers or puts the viewers off.

If you're getting no viewings, it's either overpriced or the details are so bad as to make potential buyers think it is.