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House + Cash for Trade up

  • 21-09-2009 10:38pm
    #1
    tipperdub
    Closed Accounts Posts: 2 ✭


    Hi all,

    I have been trying to sell my house to move somewhere a bit bigger. A developer has offered to buy my house off me in part exchange for a new house I'm interested in. He's offering the market value (now a lot less than when I started to try and sell it) for my house and a reasonable, but not low, price for the new house. He's keen not to bargain on cash top up but said he'd be open to doing some additional work in the house to sweeten the deal. Anybody know of any pitfalls to this ?

    Tipper


Comments

  • #2
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    i dont know of any specific pitfalls here but id be very wary of dealing with any developer in this way.


  • #3
    Eglinton
    Closed Accounts Posts: 992 ✭✭✭Eglinton


    Developers are not in the charity business. He must have some sort of agenda. How would you compare your current house with the one on offer in terms of size, location, condition etc.?

    You haven't given us too much info but it sounds a little bit suspect. Can you see any underhand reason he'd be interested in your property (potential to redevelop, future zoning approvals etc.)?

    Of course he's not keen to bargain. You should bargain though! But definitely investigate his motives more first.


  • #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Despite it being a 'house swap'- there are still the stamp duty implications to be dealt with. Previously you could simply offset one against the other- this was done away with in the last budget though. Figure out the stamp duty and get him to cover it?


  • #5
    steps_3314
    Registered Users, Registered Users 2 Posts: 521 ✭✭✭steps_3314


    Which developer is this?

    And anyone know of any other developers doing these types of deals.

    Specifically in the Cork area.


  • #6
    Kipperhell
    Closed Accounts Posts: 1,477 ✭✭✭Kipperhell


    Eglinton wrote: »
    You haven't given us too much info but it sounds a little bit suspect. Can you see any underhand reason he'd be interested in your property (potential to redevelop, future zoning approvals etc.)?

    None of these are underhanded. If the developer can realise potential from the deal then good for him.

    It still sounds a bit odd but if he reckons he can add value then it makes sense for him. Getting market rate for your property easily is a good offer. Once it is all done legally then you have nothing to worry about.

    He may just add an extension to your house and sell it for more but what he can make money at isn't as easy for others.


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