I forsee quite a few possible problems with this due to the many legal issues you are likely to encounter. Why not just list your Beverlywood property, sell it and then find another smaller more suitable home?
We do this kind of thing every day, so you should have no trouble getting this accomplished. The only issue that does come up is the timing. Sometimes the first house sells, before you can find a replacement which will have you in a hotel for a short time in between.
It's not quite clear to me as to why you see a house "switch" as your best scenario. Nonetheless, it is a great idea and I am sure there is someone out there looking to expand their living quarters but not quite able to get a loan-or there may be other road blocks to acquiring that larger home even though they currently own the property which they live. However, as you've read in the previous posts, there are other options for you.
I'd be more than happy to sit down and talk to you about an assortment of possibilities.
Feel free to send me an email (firstname.lastname@example.org) or call me (323)219-4480 and we could talk about those possibilities.
Keller Williams Realty
I would be happy to give you an honest, no b.s. opinion about the value of your home & a figure you could likely obtain for it. Before putting it on the market we should analyze the availability of the homes you're interested in downsizing to.
Please email me directly, as I won't be checking back on Trulia for responses. You can also look through the MLS by going to my web link below, see pictures of the smaller home you're looking for in the area you want to live in.
Any time you decrease the number of available buyers in the pool, you decrease your odds on getting the best price.
My advice, based solely on the information at hand, is to do an exchange: you pick the house you want, your buyer buys that house, then exchanges it for yours. The logistics and process of selling a property and then buying another property are practically identical to any standardized sale and buying situation.
However, this may be completely unnecessary, based on your own personal situation, and not the simplest solution. There are many options available to you: sale and leaseback, lease after purchase, and straight sale.
Please allow me to sit down with you for a quiet conversation to discuss your options.
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Keller Williams Westside Realty
It sounds like you have a great home. Would love to see it. There are some great options on the Westside in the 700-800k range. It's difficult to find someone to assume your loan. I actually may have someone to purchase it if it's right. Let me know your email and I'll send you some options in the area.
The Carrabba Group
Keller Williams Hollywood Hills
Keller Williams Beverly Hills