Professor Property Advice
I am considering offering my home in part exchange towards the purchase of a newly built home with a well known home builder. I understand that part exchange valuations are based on a 4 week turnaround (as the builder obviously wants to shift the property ASAP) as opposed to the normal 8-12 week period and are therefore lower than a 'normal' market value. Are you aware of the general differential - is there a broad-brush rule of thumb with these things?
Sorry, I'm not aware of a rule of thumb other than you get less than if you sold it yourself. House builders might offer a price based on a 28 day sale or a 90 day sale or any combination. There will always be valuations and if there’s a discrepancy then they may get yet another valuation. I have just heard of a £40,000 discrepancy in valuations on a £200,000 house in Swindon.
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