If a house is being sold with part exchange what does that mean to a potential buyer?
Asked on May 11 2013,
General in Wallsend |
When a house is being sold with the deal being part exchange, it is much the same as the way that the majority of people go about buying a car, whereby you trade in the house you already have against the value of a new home. Essentially, the builder buys your house from you and you subsequently take this away from the value of the home you are buying.
More often than not, part exchange deals are offered by builders on new homes only (although there are other cases as well), and it a tool that is used so they can generate interest at a time when people might opt not to buy because of perceived difficulties with selling their own home.
There are advantages to this for a buyer. On one hand, your purchase will be far easier because you do not have to deal with issues such as waiting for a buyer to come along, and there is also no chain that can fall through if another purchase somewhere along the line does not end up being finalised.
Answered on May 13 2013,
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