Home Buying in 92651>Question Details

Chris, Both Buyer and Seller in Laguna Beach, CA

house for trade ?

Asked by Chris, Laguna Beach, CA Mon Oct 20, 2008

how do these deals work ? i was on craigs list and under Housing Swap, I was offered a trade. The guy replied : We can swap any way you want. Full trade, with deeds, to just covering each others expenses. It's up to you. I know i should prolly contact a RE lawer or such to overlook the details but i thought i would get some opinions from you guys first. Thank you.

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Harrison Long’s answer
Chris ... interesting situation. Cynthia is correct that you first should hire a Realtor agent to help with this situation involving proposed trade. That Realtor would also advise you to get the best title insurance available ... and to retain counsel. If you have questions or want to speak with us about serving as your Realtors, please let me know.

Harrison K. Long
Realtor & broker
Explore Group Properties, Coldwell Banker Previews
Irvine, California
http://www.BuyersExploreHomes.com (The Best Web Site For Property Searching)
0 votes Thank Flag Link Wed Nov 5, 2008
Definitely consult a real estate attorney. You have no idea of this persons current financial status or if there are any liens on the property. I work in Laguna Beach and am well aware of the current inventory and recent sales and I'd be happy to let you know what your property is worth. Where is the property you are looking to trade with located? Have they told you what their property is worth? I think you need to start with determining what your home is worth and I'd be happy to assist you. We can communicate directly offline, my email is: cfleming@coldwellbanker.com. Look forward to hearing from you.
0 votes Thank Flag Link Mon Oct 20, 2008
I would recommend a full trade with transferring deeds. Each of you should get a home appraisal - say your home is worth $1.0M and the other house is $700,000, then they owe you $300,000.

On regular sales, California uses Escrow Officers to close the sale, where other states use Real Estate attorneys. You should talk to an attorney if you have questions that escrow cannot answer. It's also advisable that you use a real estate agent to handle all the contracts & legal liability. Their commission can be negotiable.

Any further questions, please contact me. With Prudential being a full service agency, we can offer free legal advice with on on-staff attorneys.

JoJo Harmon
Broker Associate
Prudential California Realty
0 votes Thank Flag Link Mon Oct 20, 2008

First let me say, use extreme caution.
Next, there are a million ways to sell and buy a home. Just think of this as another way. "Full Trade" means that you buy his home and he buys yours, but what is his home worth? I can sell you my home for 2 million, but its really only worth 1 million. Thats not a good deal for you!
"Covering Expenses" he is probably referring to trading loans. Again if he has a loan of 1 million and the property is only worth $500,000. That is not a great deal for you.

Please contact a knowledgeable real estate agent or attorney to advise you.

Joe Homs
Realty Partner
Web Reference: http://www.joehoms.com
0 votes Thank Flag Link Mon Oct 20, 2008
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