House I am viewing has been part exchanged

[Everywhichway2018]

I am going to view a property that has been part exchanged, so I am assuming that to mean a company now own it. Has anyone had any experience of this? Is it likely to make the process easier/more difficult? Are they more likely to accept a lowish offer? Anyone know?

It will have been sold to a developer as a p/x on a new build.

Process is exactly the same, don't know about their view on offers.

Depends on the circumstances. Where we are this is sometimes done, the ones I’ve seen recently are priced very high initially. It’s just an asset to the company that owns it (unusually a developer or retirement village type thing), they’ll have given a lower value to the person exchanging then try and profit on the deal. It depends on the property and your market, but they may wait for a good price. It it doesn’t sell in a while they may take an offer. The EA will be able to tell you more...

*usually, not unusually

It's a good thing as the developer wants to get it off their books quickly so won't drag the conveyancing out. Also no upward chain obviously.

Probably this means the developer now owns the full value of the property and you will just proceed as normal buying from them rather than private owner.

The real complexity arises when the house is in shared ownership which effectively means you're buying from 2 people one of them often a housing association or a private company. Having done this its not something I would choose to do again if I could help it.

My house had been part exchanged when we bought it. Got a really good deal as they wanted it gone as quickly as possible. We weren't in a chain so from viewing to getting keys it took about 8 weeks.

Ok thanks.

I know the original owner has moved out. The other weird thing is that it is on with 2 agents but at different prices! One is 250,000 the other has been reduced to 230,000. Anyone seen this before?

I'm not sure about the different prices but we looked at p-x and the developer sent round 3 estate agents and if we had gone ahead, it would have gone to market with all 3 agents, I think on the assumption that they would be trying to harder to see if there was competition. Different prices would make it confusing though, unless one just hasn't updated the website.

They often want a quick exchange and completion (but don't we all!), not sure about the different prices though! Has it been up for sale for a while?

We didn't find out our previous house had been part-exed until we got the forms from the solicitor as the EA never mentioned it.

Its been on about 6 weeks with both and one reduced 2 weeks ago. Both say offers in the region of .... Needless to say I am viewing with the lower priced agent 😁

Depends where you are, but in my old area the part ex houses are priced well below market value, so you may get a good deal.