Home Buying in Dardanelle>Question Details

Terry, Home Owner in Dardanelle, AR

Can I trade my house in for another?

Asked by Terry, Dardanelle, AR Sat Mar 5, 2011

My house is paid for,. Just getting older and thinking of moving closer to town.

Help the community by answering this question:

Answers

11
Terry,
It's an option; but more difficult and more complicated than it's worth.
The simple solution that works every time - List your property for sale; and once sold, take the proceeds and pruchase a property closer to town.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Sat Mar 5, 2011
Technically, yes.

Practically, no.

For you to trade your house, you'd need to find another house that's currently available. And the owner of that house would have to be willing to trade, and would want your house.

On top of that, you and the other person would still have to account for any disparity in the equity in the two homes. Just making up numbers, but let's say your home is worth $150,000. It's paid for. You see a home closer to town that's worth $150,000. That house has a $100,000 mortgage on it. In that case, if you just "traded" your $150,000 homes, you'd lose $100,000. So the other person would have to come up with $100,000. Most likely, he'd do that by selling his current home and buying yours. So you and he are no longer trading. You're just selling yours and buying his, and visa versa.

Best thing to do is just sell your home. Then you'll have your pick of any homes closer to town that are for sale. You won't have to worry about locating a home with an owner who's willing to trade and who--for whatever reason--wants to move further away from town.

Hope that helps.
1 vote Thank Flag Link Sat Mar 5, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Many new home builders will trade a new home for your home if you want... obvioulsly many won't
0 votes Thank Flag Link Wed Feb 20, 2013
I live in Strasburg Oh ,my house is paid off.I want to move to nice state like Florida, my hose worth $189,000.00 .Is it possible
0 votes Thank Flag Link Wed Sep 26, 2012
@jrandpurcell,

You should post your question as a new question to get the proper exposure in order to get answers directly to you.

Scroll to the top of this page and click on “Advice”. In the drop down box, click on “Advice” again. The next page the opens up will an “Ask Question” box. Click on it. Ask your question.
0 votes Thank Flag Link Wed Sep 12, 2012
We have a reverse mortgage on our house now. Can I get out of that, and get a condo with
a reverse mortgage on it. I am 70 and it would be easier to maintain for us,
0 votes Thank Flag Link Wed Sep 12, 2012
I have financed at least a hundred trades over the years. Just act like a buyer instead of a seller dial away and keep asking until you find someone headed in the opposite direction. Not having a loan on your side makes it easier.
0 votes Thank Flag Link Sun Mar 6, 2011
Terry,

Read Don Tepper’s answer. (TU to you, Don.) The likelihood that you can work out a “trade” of your house for another house is not good. Selling/buying a house is not the same as selling/buying a car. You can’t go to the new/used home lot and work out a trade for your house for another house.

Find yourself an experienced local Realtor. Sit down with the Realtor and discuss your needs. It sounds like you have the means to achieve your goal. You need professional guidance. It is available. Ask those who you know for a recommendation of a local real estate professional who can help you.
0 votes Thank Flag Link Sat Mar 5, 2011
Phil is on the right track here. May help if you have a place to go for a short period of time before purchasing another place!
0 votes Thank Flag Link Sat Mar 5, 2011
Terry,

"Swaping" homes is a real estate possibility but not a commonly accepted one in the business. These types of arrangements are most often identified and arranged for by the home owners through personal advertising and/or contacts.

Good luck.

Bill
0 votes Thank Flag Link Sat Mar 5, 2011
Sure, it's yours to do with as you wish. Trading is not an easy thing to do, finding someone who just has to have yours and theirs is what you want is not an easy match. Good luck.
0 votes Thank Flag Link Sat Mar 5, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer