Part Exchange 'Incentive'

Elliottrobo

I have reserved a house with Wainhomes after accepting an offer for the sale of my house. I am at contract signing stage and my buyer has now decided to pull out with no reason given.
I have called Wainhomes to tell them the bad news and they have said they will discuss part exchange with me on the property. Does anyone know if it's in Wainhomes interest to offer my full asking price as i am so advanced with the deal? The house I have reserved with Wainhomes has the kitchen we picked installed and bathroom tiles etc and is ready to move in, in 4-6 weeks. The reason I need as near to full asking price (£210,000.00) is because i had my house valued by a RICS surveyor at what I agreed to sell with my previous buyers to pay back the help to buy loan. Now i understand, even if i have to reduce the sale price i still have to pay back the HTB loan against the RICS surveyor's valuation.

Advice or similar experiences would be greatly appreciated.

Thanks
Elliott

RelievedSheff

They wont offer you the full market value. They usually work on a price to sell the property in 6-8 weeks.

In our case that meant taking 90% of what we could have got on the open market. But when we looked at what other incentives were thrown in (10k deposit contribution, stamp duty paid, flooring throughout, legal fees paid, no estate agents fees, moving costs contribution) we decided it was a good deal and meant we could be in our new house in under 4 weeks.

You need to look at the bigger picture not just the house price they offer.

Elliottrobo

OK thanks for the reply. I'll see what they have to say on Saturday.

bucksbloke

They won't offer full market value, but you won't be paying estate agents fees either.