Find a real estate PRO that works with assumable contracts. If your home is assumable then by all means let someone take it over. You owe 268K -- ask 20K cash to let them assume. You'll get some interest.

Finding someone to swap will be a headache...letting someone else assume is your best bet. If you wanted to stick with a swap....tryhttp:// www.caretotrade.com.

Tue May 13 2008, 10:35

Depending upon what the other person has, you might wanna try http://www.caretotrade.com - they have a real estate section for swapping homes.

Fri Mar 7 2008, 08:36

Hi Rob, a very similar question was posted here: http://www.trulia.com/voices/Home_Buying/Is_it_possible_to_t… Those answers might help.

Mon Feb 25 2008, 22:20

Hi Rob,
Your idea is a great one and sounds like a win win for everyone.
Now the big BUT ...

1) Your mortgage and the mortgage of the short sale most likely have a "Due on Sale" clause that requires payment in full on sale.
2) If you were lucky enough to have a rare assumable mortgage AND the other property the same, I would suspect you wouldn't want to pay thier higher mortgage since their values have also come down.
3) Banks are not in the business of owning properties and are trying to liquidate the ones they have. They wouldn't even entertain your offer.

Another option would be to rent your home, hopefully covering your payment (or at least most of it) and purchasing another in the area you want. Again, check with a local Realtor to advise you on the rental market.

I understand your frustration, but the reality is you might have to hang in where you are. Keep in touch with a good Realtor and watch what the market is doing.

Good Luck!

Mon Feb 25 2008, 21:34