Part exchange

[purpleolive]

Can anyone share their experiences of part exchange? We want to buy a new build, we need to sell our 10 year old house. We've only owned it a couple of years. I honestly do not care about making a profit, we just want to be able to buy our forever, won't be moving for a long, long time. We shouldnt have bought this house, weve grown out of it very quickly, we should have hung on for a bigger deposit for a bigger house, but such is life. I just want to be able to afford to move, if the developer is willing and able to just buy ours and save the hassle of going on the open market I would like to jump at it. It just depends whether we can afford to do without help to buy as I understand you can't do both, waiting for prices.

Anyway, experiences would be appreciated 😊

We're just moving this over to property for you, OP.

Thanks 😊

My mum did. She is happy, it all went smoothly, but their offer was very low. (she accepted, I would have held out for more but she didn't want the hassle).

Never accept their first offer, they tried that with my mum then rang after an hour or so and upped it by 10k.

We didn't accept the first offer and never heard from them again!

Thank you, we have very limited equity so tbh we'd have very little wriggle room. I'm kicking myself because when I filled in the paperwork with them they asked what we wanted for it and the figure I said was our bare minimum, rookie mistake I know, I was on the spot. But there we go I can't play games, we have a minimum and depends if they want to sell to us I guess.

I wouldn't worry too much. We told them our minimum and they offered ever so slightly below it. They lost a sale for the sake of £2500 as we'd have accepted our minimum (which was a realistic undervaluation itself). In hindsight I'm glad they were tight as buying that house would have been a stupid thing to do.