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Hi all, looking for some advice. Was close to exchange in March, when my buyer pulled out. Selling a flat, buying a house worth roughly double, 3x current Mortgage needed.
Option 1: Seller from 2nd favourite house is a property developer, asking to talk about a part ex for my flat. No offer accepted on that house. My thinking is to impose a minimum 10% drop on both asking prices. House is unoccupied.
Option 2: Estate Agent from favourite house has now suggested part ex as a possibility here too. Have an agreed price on this, before my sale fell through and we both went back on market. Have stated I would honour agreed price, maybe a fixed price drop in both properties, as long as mortgage was fine still. House also unoccupied, seller is renting a retirement flat.
Option 3, had a viewing already on mine and lots of new new houses coming on at reasonable prices - opportunity to spend less on a house, despite what EA will say we're in a buyers market now, trading up a market fall is in my favour. My job is pretty secure for reference.
WWSTD? What pitfalls or issues should I be thinking about on the part ex?
None. As long as you are happy with the difference in price between your flat and the new house.
They obviously think your flat is more sellable than the houses they're selling.
You don't sound committed to either house and see more options coning on tbe market.
I'd be selling my flat first, then looking into what's on the market from a very strong position.
Is this estate agent one of a big chain? They have a trick of offering a very generous part exchange price and then slicing it couple of days before contracts are exchanged.
Would be inclined to see if you can get them to put you in touch with previous sellers before agreeing anything.
Is this estate agent one of a big chain? They have a trick of offering a very generous part exchange price and then slicing it couple of days before contracts are exchanged.
Would be inclined to see if you can get them to put you in touch with previous sellers before agreeing anything.
Not a big chain, 5 local offices I think. Yes, the gazunder was my concern there. Would think they have more to lose than I do though. I am in direct contact with the seller, who seems a decent man so I'm hoping it's unlikely.