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Tuesday, 13 October 2009

Top 5 Ways To Sell your Home - Part 4 - Part Exchange

Part four of our series on the top 5 ways to sell your home is one of the lesser used techniques: part exchange.

The usual process goes something like this: the home owners decide that they would like to move house, and find a suitable new-build property to buy. The house builder will arrange for at least two independent valuations of your existing home and will make you an offer based on their suggestions. This is typically around 90-95 per cent of the average value returned by the surveyors, and will usually happen within seven days to a month.

Once you agree the offer, and subject to satisfactory surveys, the development company becomes your buyer, freeing you up to put in a confirmed offer on your new home. After that it’s just a case of moving in, and the part exchange is completed.

The main advantages of doing a part exchange like this with a house builder is the speed and convenience: all the hassle of selling your house is taken away, such as showing potential buyers round your property, and negotiating a selling price. The possibility the sale falling through because of the chain breaking is also removed.

Most part exchangers also find it cheaper to part exchange your property rather than pay pricey estate agent fees.

The downside of using a property part exchange is that vendors will not get the full asking price of their home; house builders will normally offer 80%-90% of the market value.

By offering less than the asking price of your property, and completing quickly and with no chain to possibly break, part exchange deals are similar to selling with a home buyer like Quick Move Now, except that QMN often gives 90% of the market value of a property; we would advise you come to us for a no-obligation valuation and offer from one of the premier home buyers in the UK: Quick Move Now.