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Market Thoughts column: To part-exchange of not?

Adrian McCarthy is the manager of Cooper Estates in Market Harborough. (Mail picture: Andrew Carpenter/001620-2)

Adrian McCarthy is the manager of Cooper Estates in Market Harborough. (Mail picture: Andrew Carpenter/001620-2)

  • by Adrian McCarthy
 

To part-exchange or to not part-exchange, that is the question.

It would appear that the strong start to the year in the housing market is a good reason why not to trade in your property when there are so many willing and able buyers freely scouting the internet and other sources looking for their dream home.

The part-exchange process can be daunting if you are unfamiliar with how it is handled.

It all starts with several agents being asked to value your home by a third party company.

When you have authorised the part-exchange company to go ahead two, or in most cases three, agents are asked to market your property immediately even if your new-build isn’t available for several months.

The rush for viewings will then begin with each agent frantically contacting all of their registered applicants and persuading them to view at the earliest opportunity.

The whole process can result in unrest as you will constantly be conscious of the next viewing request and living on egg shells.

While many vendors prefer to take this approach as it can, in some cases, provide you with a competitive option for selling your home.

The flipside of agreeing to a part-exchange sale is you will be committed in most cases to agree to a 28-day exchange of contracts – which is of course the legal commitment you will have made to buy the new-build property.

After exchange of contracts, you will be unable to change your mind on the purchase thus putting onus onto your buyer to also comply with a 28-day exchange commitment.

With all this to consider, why not take advantage of the upturn in the market and maximise the value of your home by instructing a local agent on a sole-agency basis who will be able to manage your expectations on a personal level and will be able to provide you with constructive advice on each buyer and their property requirements.

When proceeding to sell with a local agent who can provide a service that will involve holding your buyer in situ while your purchase takes place can be very critical to the whole process.

Selling any property can be a straight forward process, but selling a property to the “right” buyer is a whole different ball game.

Our discreet service is designed specifically to do exactly this, as we do not need to fully expose your property to the market but can introduce buyers directly to you.

To hear more, feel free to contact Cooper Estates on 01858 463705.

Adrian McCarthy is the manager of Cooper Estates of 6/8 The Square, Market Harborough.

For more information about the firm, see its website at www.cooperestates.net.

 

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