I'm a bit confused,what does it mean if vendors have part exchanged?

[FriggFRIGGYPudding]

To a large company? Does it mean in effect we are buying from the company?do the vendors need to sell before they can move,or does it not matter to them anymore?
It's just we have found a house we LOVE,
it has everything we need and nearly everything we want ,
it is above our budget by a fair way,it's priced at £169k and our budget will stretch to £144k.
We are completely prepared for them to tell us where to go BTW,we just figure its worth a punt ATM,seeing as we're first time buyers with everything ready to go,and it's not a good time to sell.

After the viewing the EA said it was worth starting with a low bid (around 150k) as the company are desperate to sell their new builds so if they can accept a bid,then they will.

So are we in with a chance,or should we just leave it?!

Sorry it's a Bit rambley,but im quite confused,if anyone can straighten out any f. Above I'd be very greatfull!

Are the vendors looking to buy a new build? But they have a house to sell? (the one you viewed). Or have they already moved and it's their old house that's being sold?

We bought a new build 2 years ago. The developer took our old house in Part Exchange for the new house. They then sold our old house to recoup the difference in values.

If they have already "sold" to the company - the company will want to sell on asap to generate cash so they may well accept a cheeky offer - especially if you are in a good position

Yes the vendors have already 'sold' I think,but are still living in the house we viewed,it seems as though they have part exchanged for a new build,but are waiting - for some reason - to move,I think

Maybe their new build hasn't been completed yet.