Home Buying in Coon Rapids>Question Details

strawberry82…, Home Buyer in Minneapolis, MN

I'd like to get a breakdown on how to trade my home.

Asked by strawberry82_mn, Minneapolis, MN Tue Jun 11, 2013

I would like to trade my home. I live in Minnesota. The balance on my loan is $180,000. My estimated property value is $140,000. I would like to purchase a home that is about $250,000. How does the process work? Thank you.

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3
Right now homes are selling for more than you might think. I can give you a free market analysis on your home to see where we are in today's value (as opposed to tax value or other estimates, which tends to be a lagging value).

Joel Friday
612-868-6287
http://www.homebyfriday.com
1 vote Thank Flag Link Tue Jun 11, 2013
That'd be a tough one to sell to a seller trading. Take my home that the debt is more than it's worth. It has to be a win-win for both parties in order to work. Typically if you can find a seller that wants your exact property (or wants to sell it after acquisition) and you want theirs, a trade can be created.

You would also need to look at the financing on both properties to see if change of ownership would cause a due on sale clause.

I would also check with a loan officer to see what your options are as far as renting your current property until the value goes up. P.S. Have you had a current evaluation as the market has gone up quite a bit in the last few months here in the Twin Cities. I'd be happy to help you with that.

If you like this answer or if it was useful to you, a quick click on the green 'thumbs up' would be appreciated.

Kim Eisen
"Helping People Make Smart Real Estate Decisions since 1980 in the Twin Cities"
(651) 457-HOME (4663)

http://www.QuickHomesSearch.com
1 vote Thank Flag Link Tue Jun 11, 2013
Why are you looking at a trade? That would be my first question, and if it is because you believe there is negative equity in the house a trade partner would not want that type of deal either.

But my fellow realtors are correct. We have been in a aggressive seller's market for quite some time, and it is almost impossible to find a single family home under $150,000 in Coon Rapids right now. What I can do is break-down the steps you should take to still achieve your goal.

1) Interview a couple realtors who will perform a market analysis of your home. The first step is deciding if you are able to sell your home now. I can give you a general CMA without previewing the home just email me your address. There is no need for me to come out to the property unless we know your home is in the ballpark of having enough equity to sell.

2) From there I will give you all the options available to still be able to purchase a $250,000 home. We will walk-thru every scenario and figure out together which is the best one for you.

This may seem overwhelming or challenging right now to you, but enlisting the help of a Realtor will make everything much easier! I look forward to hearing from you.

Chris Block
Realtor North Suburbs
651-307-7663
chris.block@imetroproperty.com
0 votes Thank Flag Link Wed Jun 12, 2013
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