Part-Exchange House

jillybobs

Hi, I'm not sure if this is on the correct forum - please move if its not.

I was wondering if anybody had ever part exchanged their home for a new property and if so, do the house builders pay you a lot less than the market value of your home? We fancy moving next year to a slighty bigger property which are due to be built on the new housing estate we already live on. The property we already live in is a lovely house - but they do not seem to sell very quickly. I think this is as the living space is quite small (however the bedrooms are huge!!!)

How do they value your home - do they get quotes from local estates agents? Thanks for any help.

HugoSP

Just ask them to make you an offer - then negotiate on the basis that this would sell one of their houses.

If money is going their way they may be better off being flexable.

Developers near me are offereing part exchange or up to £600 a month towards your mortgage payments for 2 years.

Becles

Yes they pay a little less than market value, but you have to weight up losing a little on the sale price and actually getting rid of your current home, against keeping it on the market for longer and selling for a better price, but missing out on the home you want to buy.

This happened to me 11 years ago which is why the prices look so low! Mine had been on the market for £43,950 but it was in a dodgy area and I hadn't had much interest in it and no offers.

I'd wanted to buy this house, but they were doing a part ex with Barratts, and as I wasn't in a position to proceed, they went ahead with the Barratts deal. This house was too big for Barratts to offload to a first time buyer, so they came back to me and offered me a part ex on my house.

They offered £38K, which I said was too low but I would accept £42K. They came back and offered £40K for my house so I said yes to that.

To me it was worth taking less that what mine was on the market for, as I didn't want to live in my old house any longer and it was a way of getting out quicker than waiting for a buyer to pay market price.

Canucklehead

Hi, I'm not sure if this is on the correct forum - please move if its not.

Hi

The house buying and selling forum is the place for this.You'll get a good range of opinion there.Get the mods to move you.

Corgi Guy.

jillybobs

Canucklehead wrote: »

Hi

The house buying and selling forum is the place for this.You'll get a good range of opinion there.Get the mods to move you.

Corgi Guy.

As soon as put it on this forum, I realised it was the wrong one! How do I get the Mods to move it? Thanks

jillybobs

Becles wrote: »

Yes they pay a little less than market value, but you have to weight up losing a little on the sale price and actually getting rid of your current home, against keeping it on the market for longer and selling for a better price, but missing out on the home you want to buy.

This happened to me 11 years ago which is why the prices look so low! Mine had been on the market for £43,950 but it was in a dodgy area and I hadn't had much interest in it and no offers.

I'd wanted to buy this house, but they were doing a part ex with Barratts, and as I wasn't in a position to proceed, they went ahead with the Barratts deal. This house was too big for Barratts to offload to a first time buyer, so they came back to me and offered me a part ex on my house.

They offered £38K, which I said was too low but I would accept £42K. They came back and offered £40K for my house so I said yes to that.

To me it was worth taking less that what mine was on the market for, as I didn't want to live in my old house any longer and it was a way of getting out quicker than waiting for a buyer to pay market price.

Thanks for that. We've only had our house 2 years so as long as I get back at least what I've paid I'll be happy. 3 houses like ours have been sold in the last year on our estate, 1 for £166,000, 1 for £193,000 and 1 for £199,000 so if they offered me a slight reduction on the higher figure - I'd be more than happy!!!!

ormus

its just the same as part exing a car. just the pound signs are bigger.
ask and haggle. remember houses are not moving at the moment, so they are desparate to shift the new house.
just like car salesmen in the bad times.