Home Buying in Oswego>Question Details

Hairqueeny, Both Buyer and Seller in Oswego, IL

is there people looking to swap houses? or how about new builders buying your home.

Asked by Hairqueeny, Oswego, IL Tue Apr 28, 2009

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In order for a builder to buy your home for you in turn to buy one of theirs, that builder must either purchase your current home at a discount so that he/she can turn around and sell it, or get enough from you in the purchase of your new home to offset the costs. There is obviously some value in not having to sell your current home, particularly in the market we are in now, so you might be willing to give up some profit on your sale. However, to find a builder willing to participate in a transaction like this will be tricky. To entice a builder to commit would require that your current home be in an area, price range, and condition for a quick sale. You will want to go armed with some stats to show your home is at the top of the list for all three.

As for people looking to swap homes, the transaction is actually were more like 2 parties selling each other their current home. Both homes should have appraisals done to determine fair market value. As mentioned before, it might be difficult to find another party actually interested in selling/trading who also feels that your home is right for them.

Let me know if I can help you with any of the stats for the market, what the market value of your current home is, and contacting a builder/seller interested in either of these types of transactions.

Ron
Web Reference: http://www.rondonhomes.com
0 votes Thank Flag Link Tue Apr 28, 2009
Excellent questions! Swapping houses---I have heard of this working out well for just the rigtht combination of buyers and sellers. Realistically, this combination is hard to match. I personally have not been involved in a house swap.
Builders buying houses----I have been quite involved in this program. My experience with the builder buying his client's house did not work out well. In today's market, most builders need the cash flow. His investment in an existing home is determined buy the fluctuating market. If the existing home remains on the merket for a long period or the values drop, the builder could lose his profit and not be able to build additional homes.
Basically, the traditional way of listing your home with a professional Realtor who will direct you to the best price for the current market and rely on him to find the home you desire at the best price. Become knowledgeable about short sales, REO's and foreclosures. Especially in this market, be sure your Realtor has the right information to help your sale and purchase as easy and safe as possible.
Need help?? Give me a call toll free at (800) 770-0715. Don McComb
0 votes Thank Flag Link Tue Apr 28, 2009
Dave is right on the money here! In addition to his council, you will want to seek the advice of a lawyer, as there are many legal issues that are beyond the normal scope of a REALTOR and their area of expertise.
0 votes Thank Flag Link Tue Apr 28, 2009
Yes there are but it isn't that easy to find. The builders have in the past but to the best of my knowledge are not at this point. I did a trade this past summer where the seller took a $300,000 house in trade on a purchase of over $600,000. The difficulty is often the mortgages involved with due on sale clauses. Let me know if you would like to discuss this further.
0 votes Thank Flag Link Tue Apr 28, 2009
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