Any one ever done a house part exchange?

[MrsT&Ben]

How do they work? What happens? Would you recommend?

We have a couple of houses that you can part exchange on in our town they are up for way more than we could get a mortgage for so i'm guessing wouldnt be any good but I dont understand how it works!

I am desperate to move house and looking into all options

 

[lindseymw]

Part Ex basically exactly the same as selling your house. You're just selling your house to the sellers. They will put in an offer for your house and then you need to get a mortgage for the difference between any equity from your house and the price of the house you are buying.

I haven't done it, but I presume you will get less than market value? Not sure on that one.

Pro: You are not having to wait until your house sells privately
Cons: Might be less than market value

Is it a new build?