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Low value part-ex offer

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  • Low value part-ex offer

    My Mum has been offered a low part -ex value on her bungalow(purchased April 2008!) for 215,000 pounds .I belive the original price stacked up with similar properties in the area .She has decided she is too lonely and has been to a company selling retirement apartments who offered between 130 and 150 k for her bungalow against an apartment value of 190k .
    I have agreed to buy the bungalow for 155k and she has now negotiated the apartment price down to 165k as she is a cash buyer . Has anyone a view on the best way to proceed with buying my Mothers bungalow ?We believe the price may have dropped but still think its worth around 200k being realistic .We tried to talk her out of this apartment move but she is is determined to go through with the deal either part-ex or to us and will not wait to try and realise a better price .It may sound (and feels) mercenary but there is no stopping her .
    We cant afford any more but neither can we stand by and watch her give away her bungalow to a developer .All views gratefully recived .
    Andrew

  • #2
    Have you contacted a quick home buying company, with a view to them buying the property off you?

    Pippa

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    • #3
      Don't know where the "apartment" is but you could well find that the £165K is still too high. Use of word "apartment" is a builder's trick to con people the flat they are selling is worth more!

      Also do you really want the bungalow and could you get a mortgage onit in terms of income and LTV ratios?
      RICHARD WEBSTERwww.rwco.co.uk
      As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

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