Financing in Kansas City>Question Details

Home1979, Home Owner in Kansas City, MO

I would like to trade in my house to a bigger one. How does the trade in program works if my current mortgage loan is more than the market value?

Asked by Home1979, Kansas City, MO Mon Feb 21, 2011

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I agree with Dale. You may also hear that a builder is wlling to do a trade. Unforetunately no trade will work if you owe more than the home will appraise for,
0 votes Thank Flag Link Tue Feb 22, 2011
There is no "trade in program" that I'm aware of. Occasionally, we find buyers and sellers who want to trade properties, but when that happens, typically each current mortgage has to be paid off and the new owner has to get a new mortgage, unless one of them has an assumable mortgage. Typically an appraisal is done to verify the value of each property before the trade, then the person with the lower valued home has to pay the person with the higher value home the difference. When we do these types of deals, we have to ensure that the title is clear on each home, both mortgage companies are OK with it and we sit down with a good financial expert to make sure that each party ends up equal at the end, via with property or other assets (one of which may be money)
Web Reference: http://www.YourSTLHome.com
0 votes Thank Flag Link Mon Feb 21, 2011
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