House For Swap: Is House Swap Exchange for You?

House For Swap: Is House Swap Exchange for You?

Thousands of people are now trying to swap houses as a way to sell their current home and buy another home. It’s called “house swapping” Here is a story on it from another state. http://www.9news.com/news/article.aspx?storyid=90963 This is an interesting idea, I can’t imagine it would be easy to find a perfect match. I could see it being a lot easier with today’s technology and being able to search properties in other states. For those with job relocations it may not be a bad idea. I would hope though that people are having each buyer actually go get a mortgage to pay off the other sellers existing mortgage.

Here are some different websites that offer this service:

www.pad4pad.com
www.onlinehousetrading.com
www.house4trade.com
www.goswap.com
www.domuswap.com
www.craigslist.org

You may want to work with a real estate agent, or attorney if you are thinking about doing something like this.

You will have to be concerned about each others current mortgages and getting them paid off. You will have to think about if you didn’t pay them off and just moved into each other houses, can you guarantee payments will be made? What if they aren’t, what will that do to your credit? You will want to think about the difference in price points between houses. You will want to think of the differences in the equity you each have in your own house. If you are going to pay off each other mortgages that may not make a difference.

To see how it works check this out:

http://www.onlinehousetrading.com/how-it-works.aspx

For example on this site they say in order for it to work, here are the requirements.

Minimum requirements for a successful match are as follows:

Identical property type
Sales price must fall in between buyer range
Location must be within buyer preferred radius of metropolitan area
Number of bedrooms and bathrooms must complement buyer’s needs

This site charges a listing fee to put your house online with it’s data so that potential buyers can search the database.

I would imagine this concept would be a needle in a haystack, but I have never tried it, so I can’t knock it.

If you are interested in listing your house in Minnesota or looking to buy a house in Minnesota, please email me anytime at Ron@minnesotainvestors.com and I’ll have an associate agent of mine contact you.

Please do me a favor and tell just 3 friends today, to subscribe to this daily blog feed by going here:
http://www.minnesotainvestors.com/blog/feed/

BookMark, Email, or Subscribe This Page, Tell Friends!