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Part exchange valuation - help!
Lullabelle_2
Posts: 7 Forumite
Hello,
I'm looking for some advice. We've had a valuation done on our property by a local agent acting on behalf of a builder in order to part exchange our house. We have been keeping an eye on local sold prices but the valuation today has come in a lot lower than similar properties in our immediate area.
The agent was quite negative about new build properties and tried to talk my partner out of part exchanging, suggesting it was better to sell through his agency and telling him that our house would sell quickly because our area is in demand.
He gave us the valuation but told us not to tell the builder that he'd let us know. The problem is that the valuation is much lower than we expected and lower than two of our neighbours sold for in October and November.
I now feel a bit stuck, can I tell the builder that we know what the 1st valuation was and that I think it was undervalued? Will it make any difference?
I know the market is slow at the moment but we don't have time to sell it through an agent but we can't afford to accept this valuation.
Any advice would be really appreciated.
I'm looking for some advice. We've had a valuation done on our property by a local agent acting on behalf of a builder in order to part exchange our house. We have been keeping an eye on local sold prices but the valuation today has come in a lot lower than similar properties in our immediate area.
The agent was quite negative about new build properties and tried to talk my partner out of part exchanging, suggesting it was better to sell through his agency and telling him that our house would sell quickly because our area is in demand.
He gave us the valuation but told us not to tell the builder that he'd let us know. The problem is that the valuation is much lower than we expected and lower than two of our neighbours sold for in October and November.
I now feel a bit stuck, can I tell the builder that we know what the 1st valuation was and that I think it was undervalued? Will it make any difference?
I know the market is slow at the moment but we don't have time to sell it through an agent but we can't afford to accept this valuation.
Any advice would be really appreciated.
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Comments
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Prices are dropping... welcome to the House Price Crash.
Also note: New Builds are normally massively overpriced and typically lose 25-35% of their value when you unlock the front door... just like buying a new car.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
Thanks for such a quick response!
Houses on our street marketed by the same agency aren't as low as our valuation.
I know that prices are falling. I accept that this new house might not be an investment but we are looking for a home and will take that risk. We just want a fair price for our house (relative to the selling prices on our street at the moment).
Do you think that leaves us room to negotiate the price of the new build?0 -
If you part-exchange, you lose.
The valuation is one for a quick sale and they will be far less flexible on the purchase price of the one you want as well because you are desperate and they know it.
You would be better to sell at the lower price through the EA and then batter them down on the asking price of their new build once you are SSTC.Everything that is supposed to be in heaven is already here on earth.
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