DWH Part Exchange?

KAP0365

Wondering if there’s anyone on here with experience of David Wilson Px? Our house is on the market but we’ve found a stock plot in the right price bracket for their px scheme. They’ve told us they’d offer at or only slightly below what we’d get on the open market, but has anyone actually done this and is that true? 

ecraig

I’ve read a few comments from various people on this forum about the house builders px scheme. Not necessarily just DWH. 
From what I read they offer typically 10% less than open market value. This can be negotiated. 

bucksbloke

Yes this is true. They ask three agents to submit a price to sell the property in six weeks. So it will be under market value. Note any developer is going to be conservative at the moment, as they don't want to end up with loads of unsold property. However, stock plots generally come with better options/flooring etc - so they may sell to you but want to recover the price of this options etc. 

SharkMoney

Definitely part ex if it’s only 10% different. Guaranteed buyer is worth that loss 

RelievedSheff

We part exchanged with David Wilson last year. We got 90% of the open market value for our old house (£90k for a £100k house) but that was only part of the deal. We also got a £10k deposit contribution, legal fees paid, stamp duty paid, free flooring and moving costs contribution. Factoring in that there were also no estate agents fees to pay, the plot we bought was already heavily discounted and we moved in three and a half weeks after reserving the plot then we were really happy with the deal that we got.

AnotherJoe

The upside for the builder on a px is that they can represent the price of their house that they sold as high even if they give a lot away elsewhere. So a good price on your house which is really no different to  a bigger discount on theirs, looks better for them on that estate, eg they can say that houses are selling at full price. 

From what you've posted and especially in this climate, I'd take the px offer and see what else they might negotiate on. For you, like buying a new car and trading in your old car, it should be all about the price difference to change rather than the absolute price of any one item. 

KAP0365

@RelievedSheff that sounds like a very good deal. We were told they wouldn’t combine with any other offer on one site, but the other site said they could speak to directors. We were not keen on moving forward with px and getting ours valued due to the apparent lack of negotiation and deals - perhaps we could push harder! 

RelievedSheff

KAP0365 said:

@RelievedSheff that sounds like a very good deal. We were told they wouldn’t combine with any other offer on one site, but the other site said they could speak to directors. We were not keen on moving forward with px and getting ours valued due to the apparent lack of negotiation and deals - perhaps we could push harder! 

We didn't really have to push them too hard. It was a plot that had sat around for a long while empty. For whatever reason this house type was not proving too popular at that time on this estate. Previous plots of the same house type had sold for £235k and £230k. We paid £210k for this one according to the Land Registry but really we paid £200k as they gave us the deposit contribution as well.

We were surprised that they marketed our old house for the £90k that they gave us. We expected them to put it for sale for a bit more than that to cover some of their costs. It worked for them though because it went on the market while we were still living there. It was out for sale on Friday afternoon and was Under Offer by Monday morning after 6 viewings.

KAP0365

@RelievedSheff the house we are looking at is £520k, ours is currently on the market (day 3) for £350k with our first viewing today, sole agent. We were told by DWH the plot we were interested in would be expected to sell for around £485k, we were surprised that they gave us that info. We have asked if there is therefore negotiation on px and are yet to receive a response. We know we would have buying power if we sold ours first - the plot has been on the market since January. 

RyanM98

I've literally just gone through the process and unfortunately was left very dissatisfied - (01.04.2023) They request for 3 agents to come value your house, more than likely an estate agent from Whitakers or someone like that, Countrywide surveyors and then someone from DWH themselves. Personally, I did get 2 estate agents in before I went through the process to give me a brief idea of price which they valued my house late £160k/early £170k however when we attended the appointment at the sales and marketing centre at DWH, they offered me £148,735 which was a real blow considering the house i was putting to them had been completely gutted, renovated and really modernized for what could be the perfect house for a First Time Buyer. They also stated if i was to accept they would put my house on the market at £155,000 so they really do get cheeky with their offers and we have since decided to go and sell via the open market and hopefully purchase the home through DWH in the normal way and take advantage of their incentives. I did attempt to negotiate with the sales advisor and the part ex manager and they revised their offer to £150,000 without the guarantee (they give you the profit if they sell your house for more than agreed) but this still wasn't enough to match my acceptance. I wouldn't recommend it personally but each site may differ in their generosity.

Titus_Wadd

We won't get the market value for our house selling it privately, because we would have to declare the on-going anti-social behaviour, threats and assaults by our neighbours from hell. 

However, part-ex is sounding tempting because I guess the agents the building company uses would still value it higher than we might otherwise have to sell for.  This has got me thinking.

Our adult kids have moved to other parts of the UK so we would be looking to relocate in the next few years.  Does anyone have any experience of part-ex where the new build is a distance away?  I assume a nationwide builder like DWH wouldn't mind selling our house a few hundred miles away?

When we were house-hunting about 5 years ago the local new-build factories near us, DWH and Cala, would not entertain part-ex because of the difference between our old house (£450k) and the new builds (600k-700k).  Does anyone know what sort of ration they apply? 

Cheers and sorry to hijack the OP's thread.