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Can someone explain part ex on older properties?

(2 Posts)
rosieposey Fri 19-Dec-14 16:04:56

I've been perusing properties and keep seeing 'part exchange' available cropping up on second hand or older properties - how can the estate agents offer this? Do the people selling have to agree to buy yours so its more of a swap or how does it work?

I thought you could only part ex on new builds?!

bryonyelf Fri 19-Dec-14 21:41:37

They offer you way under valuation. usually 25%. They then sell on at market value or thereabouts.

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