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WHY
PART EXCHANGE?
As
banks are tightening up their lending policies
and asking for larger deposits from first
time buyers, there are fewer people entering
the market place at the bottom to create
upward movement. Clearly there are plenty
of people who do want to move house judging
from the number of properties listed on
all the web portals. Speaking to our vendors,
some want to move to a larger house and
others need to downsize so there are opportunities
for everyone to find a house swap.
The procedure is as
follows:
1)
Tell us the sort of house you
are looking for with an idea of
price.
2) View
some houses you think may be suitable.
3) Tell
us the one you would like to offer on.
4) We
will then ask them if they would like
to view your house.
5) If
they are also happy with your house, we
would negotiate prices between you both.
6) Deduct
your outstanding mortgage balance from
the sale price you have agreed. This will
give you your equity.
7) Decide
how much of this to use as the deposit
on the property that you are part exchanging
for.
8) Arrange
a mortgage for the remainder (we can help
with this)
9) Decide
on a moving date that suits you both (within
reason)!
The advantage of doing this is that you
don't have to wait for a first time buyer
or investor to kick start the first house
in a chain. There is no chain so there
are less people involved.
For this to work, we need a large number
of people wanting to part exchange so
even if you are for sale with another
estate agent, talk to us, there is no
reason why you can't part exchange with
one of our vendors.
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