Homeowners who can’t sell are trading instead
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Homeowners who can't sell are trading instead
Great yard, affordable price and the white picket fence; you have just found your dream home but you are having trouble selling your old home. Many people who can?t sell are now turning to home swappi...Published: March 23, 2009
David and Sheila Skelton are ready to move out of their home and into something with room outside for horses.
“We really don’t want to be in the city anymore with the traffic and everything,“ explained David. “We just want to be away from things.“
Their house isn’t selling, so they’re trying something new.
They’ve posted listings online requesting a trade.
“A perfect scenario would probably be three to ten acres of land, a decent house…I’m not sure about all the paperwork, and the details but we would all just get it worked out,“ said Sheila.
Home swapping or trading is essentially agreeing to buy someone’s home, but only if they buy yours.
The exchange should take place on the same date with a simultaneous closing.
Both parties pay off any existing loans and get new financing on the home they are buying.
Would-be swappers post pictures and descriptions of their homes online.
For many, the swap idea comes only after they’ve failed to sell their homes.
According to the swap site GoSwap.org, the concept works well for people who are moving to a different location and want a similar place to live in.
By swapping properties the sellers have a better chance of getting close to the appraised value.
GoSwap.org recommends swappers hire real estate attorneys to handle both transactions.
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