Part-exchange selling schemes.

Deanomfc

Hi there,

My parents are looking to sell their house and move into a new house in a Persimmons development area. We've noticed that they offer a part exchange service in which they would buy the house, enabling them to move into the new one in matter of weeks, rather than waiting for someone to buy our house. Is there any catches with schemes like this?

Thanks

Jorgan_2

It depends as to what you see a a catch. P/exing can remove a lot of hassle from the marketing & sales process, how much of a 'value' your parents put on this is upto them.

They may usually loose any opportunity to negoiate on the price/options that come with the new build. Some builders may offer less than market value for the property taken in p/ex.

peb

As Jorgan says usually financial and loss of leverage. Check the small price to ensure it is a PX rather than an "assisted sale" - I think Persimmons are usually PX. It may be worth it however to save your parents stress!

Silvafox

Also, they will normally only consider part ex if the house you are buying is at least 25% more in value than the one being part exed.... maybe alters from builder to builder but the ones I have enquired about recently all do it this way.

emmylou

Hi,
We part-exed with Persimmon and it was fabulous... it took three weeks from start to finish, they offered us market value based on 3 estate agents valuations, we had no problems at all. It was a plot they were struggling to sell though (they thought it was because it was Plot number 13 and people were too superstitious lol) so we had the upper hand a little.
Plus we liked the house, it was very well built and they sorted the snags quickly and efficiently.
Sounds like I work for Persimmon lol (but I don't!)
Tell your parents to go for it, it was the easiest house move we ever had.
Hth,
Emma

autocasher

im looking at the possibility of a persimmon part-ex too... i know i lose out financially ultimately, but the convenience and lack of stress would make me consider it - i get extremely stressed often anyway, and my last 2 moves, done conventionally, nearly finished me off!

im looking to trade down from a big 2 bedroom flat to a more compact 1 bedroom new build as im single now, dont need the space, and the one im looking at is a lot closer to work so would mean i could probably even sell the car (and with the way motoring costs are going that would be worth a lot to me as wel).


anyway, my question is that my 2 bed property in cheltenham is worth somewhere around 140-150k, and the new build in gloucester is going for 125 (my remaining mortage is 35k) - would persimmon even make me an offer bearing in mind my property is worth more than the one id like to buy, and if so what sort of price would i likely get?

thanks for any advice on this

jillybobs

autocasher wrote: »

im looking at the possibility of a persimmon part-ex too... i know i lose out financially ultimately, but the convenience and lack of stress would make me consider it - i get extremely stressed often anyway, and my last 2 moves, done conventionally, nearly finished me off!

im looking to trade down from a big 2 bedroom flat to a more compact 1 bedroom new build as im single now, dont need the space, and the one im looking at is a lot closer to work so would mean i could probably even sell the car (and with the way motoring costs are going that would be worth a lot to me as wel).


anyway, my question is that my 2 bed property in cheltenham is worth somewhere around 140-150k, and the new build in gloucester is going for 125 (my remaining mortage is 35k) - would persimmon even make me an offer bearing in mind my property is worth more than the one id like to buy, and if so what sort of price would i likely get?

thanks for any advice on this

Hi, I think most housebuilders will only do part-ex if the house/flat you are buying is worth 30% more than the property you are selling.

autocasher

damn...that will rule mine out straight away if that's the case

baby_frogmella

Deanomfc wrote: »

Hi there,

My parents are looking to sell their house and move into a new house in a Persimmons development area. We've noticed that they offer a part exchange service in which they would buy the house, enabling them to move into the new one in matter of weeks, rather than waiting for someone to buy our house. Is there any catches with schemes like this?

Thanks

Hi

In a part exchange scheme most developers will get your property valued for a 4-6 week sale, so you would not get the full market value...you would be looking at losing around 5k on a 200k house, BUT you can usually get this difference taken off the new property list price in addition to any other discounts.

Trollfever

I do wonder where Persimmon are actually making their profit as they have a lot of part-ex properties on their books


http://www.persimmonhomes.com/partx.aspx

03022242

theyre not, as someone who works inside the housing industry, i know that persimmon are shedding jobs and will not be building anything in our region in the near future