“Had Part Exchange provider Silverbridge Properties not offered us a deal then we would have definitely lost out on our new dream home”
The UK housing market is still yet to recover fully from the impact of rising inflation and the successive hikes in interest rates that were used to stabilise prices. The upshot is a stagnant market where vendors are having work harder and be more creative in order to sell their homes.
This was the situation that Michelle and Scott faced as they struggled to sell their existing home, with a pending deal on a new home that looked increasingly uncertain.
“Despite the fact that our home was beautifully appointed, well marketed and reasonably priced the two offers that we did receive were far too low to be taken seriously”, said Michelle.
Part Exchange makes the difference
The couple had already put a deposit down on the show home at Elivia Home’s Saint Georges Park, located on the outskirts of Eastergate in West Sussex. With time ticking and no sign of a credible offer on the table, the sales team at Elivia Homes suggested they consider Part Exchange (PX) as a way to break the deadlock.
Michelle explains, “We hadn’t considered PX before. However, when we were introduced to Russell Smith at Part Exchange provider Silverbridge Properties, and made aware of how it worked, we quickly realised that this could be the solution to our problem. Moreover, we were under no obligation to accept Silverbridge’s offer and so we had nothing to lose by exploring the options”.
As soon as Russell had Michelle and Scott’s agreement to proceed, surveyors were instructed to view the property in order to obtain a current valuation. Based on a four-week sale time, the offer that Silverbridge was able to offer Michelle and Scott was below their initial asking price. Elivia Homes, however, was able to help bridge the gap, which made the deal viable.
Moving at the speed of light, completion was achieved in just four weeks, enabling Michelle and Scott to move in before Christmas, far exceeding the couple’s initial expectations. Silverbridge Properties also gave them 28-day licence to occupy after completion, giving them more time to pack and move to St Georges Park. Even better, they also benefitted from a profit share scheme from the Part Exchange provider once the sale of their former home completed.
“As we speak today, our old home has still not been sold and so, without Silverbridge Properties’ intervention, we would never have been able to buy our new home”, says Michelle.
“As with any house sell, we wanted to be kept in the loop and Russell was always easy to reach and prompt in replying to our questions. We found him to be authoritative and knowledgeable and gave us great confidence that we were doing the right thing”.
“It turned out that we were right, and we couldn’t be more impressed with the service Silverbridge Properties provided us”, added Michelle.