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Anone recently part-exchanged their home against a new build?

(8 Posts)
SquidgeyMidgey Thu 11-Feb-16 20:41:55

Just started considering moving house and there are a couple of new developments in the area we'd want. If you part exchange how much do they generally undervalue your house by? I'm assuming they do to offset EA fees, hassle etc. Is it all a bit too good to be true and only a desperate measure for desperate times?

RJnomore1 Thu 11-Feb-16 20:49:21

Id love to know this too.

waitinggame1234 Thu 11-Feb-16 20:59:47

With us they undervalued it by about 25k.

Local estate agent valued it at 105k, developer offered 80k. We negotiated it to 102500 (wouldn't have got much more once estate agent fees were paid). They sold it for 87500.

waitinggame1234 Thu 11-Feb-16 21:01:07

Oh but they marketed it at 107500 saying that was market value which pissed me off immensely

SquidgeyMidgey Thu 11-Feb-16 21:02:10

Wow waitinggame1234 you did well there! That's quite a hefty percentage they tried to knock off though, did they put up much of a fight when you negotiated upwards?

FatimaLovesBread Thu 11-Feb-16 21:05:53

Not sure how much they offer/undervalue it for but they must have a lot of profit built in to the new build as they tend to sell the part exchange on quickly and cheaply.

When we bought our house sellers had it listed at £110k. They then part exchanged to new build so obviously got what they needed.
Building company then listed it at £90k and we bought for £85k. So it worked out quite well for us.

waitinggame1234 Thu 11-Feb-16 21:20:40

They initially want to 100k without much fuss and didn't want to move from there (we needed more than that for the LTV ratio) so we walked. Then we were offered some more money by dh's parents so we went back to see if they could just up it a bit. They claimed they couldn't go any higher or discount the plot more cos the plot we were buying was already discounted by 10k. At which point I suggested that they were exaggerating that discount given they hadn't sold any at the full asking price. Saleswoman then said they had and started pointing at plots on their display while I sat there saying "No, you discounted that one by 3k" and quoting the selling prices at her grin She very quickly got her manager on the phone and they gave us 102500 for ours and knocked another 1500 off the plot, and delayed the exchange/completion deadline by a month so we'd had another pay day.

BumWad Thu 11-Feb-16 21:22:06

I would also like to know this

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