Home Selling in Scottsdale>Question Details

Nayna Lad, Home Seller in Scottsdale, AZ

If I have a condo and owe a mortgage but can afford a higher mortgage and want to purchase a foreclosed home from bank will they take the trade?

Asked by Nayna Lad, Scottsdale, AZ Sun Mar 28, 2010

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10
Nayna~
contact a lender about your ability to purchase while you try to sell your condo. Banks won't take a trade especially since your current lender would have to approve the transfer and that is not likely to work. If the lender can qualify you "not" contingent on the sale of your condo go after the bank owned home. If you need to sell first then just make a plan for a short term rental or a leaseback to the new buyer of your condo. Creative ways can make your goal a reality.
Let me know if we can help.
Laura Myers
Keller Williams Arizona Realty
0 votes Thank Flag Link Sat Sep 25, 2010
Even if you were looking to trade with a seller and not the bank you would probably run into some difficulty finding someone that is willing to make a trade right now.

I would recommend that you sell your current condo and then look for a foreclosure. If you are not in a situation where you can sell your current condo then I would advise that you rent out your current condo until the real estate market is back up and you are ready to sell.

If you would like to look at some available Foreclosures in the North Scottsdale community of Desert Mountain you can visit my website at http://www.DesertMountainHomesOnline.com.
0 votes Thank Flag Link Mon Mar 29, 2010
Banks do not take trade ins, they are simply looking to unload the properties that they have in their portflolio's.You will want to meet with a local and trusted mortgage broker, ask them to repquailify you and see what your options are if you can rent or need to sell your current condo. If you will need to sell interview some local agents and they can assist you in getting sold and finding a new bank owned home. goo dluck with your sale and future purchase.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Mar 29, 2010
Hi, Nayna,

You already got your answer. No!

I suggest that you contact a local real estate professional and sit down a find out what it will take to move from your condo to a new home. There are lots of moving parts involved. Why don’t you get your information straight from an experienced professional who can answer all of your questions.

Search Trulia for agents in your area. Ask your friends for recommendations. The best advice that you will get will be from a professional who works every day in your market.
0 votes Thank Flag Link Sun Mar 28, 2010
banks are trying to get rid of houses they never wanted to start with. The bank only wanted to make a loan. When the buyer did not pay the bank had to take the house to get at least some of the money owed them. The last thing they would want is another house (especially with HOA fees) they have to take care of. They are not in the selling house business, at least they have no desire to be in it. They only want to give money out and take more money back in.
0 votes Thank Flag Link Sun Mar 28, 2010
It is a good idea, but the Bank will not
0 votes Thank Flag Link Sun Mar 28, 2010
Hi Nayna

Banks would not be interested in trading as stated below. Two likely scenarios would be to either keep your condo and rent it out or sell your condo and purchase another property.

With either option you would want to make some connections and due some evaluation as to which one is the best for you.

We have professionals that can assist you in determining the best option for you. Many agree with you that it is an excellent time to purchase property in the Valley as prices are very affordable. It might be a great time for you to move up.

Please let me know if you have any questions.
Web Reference: http://www.McVinua.com
0 votes Thank Flag Link Sun Mar 28, 2010
Just curious, how did you come up with this idea?

I would recommend asking a CPA about the viability of leasing your condo out. Ask about the tax consequences both during the leasing period and at the time of sale.
Talk with a lender about your qualification for a new loan if you lease out your condo.

Good luck.

Get the facts first. Then decide.
0 votes Thank Flag Link Sun Mar 28, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Hi Nayna,

No the bank will not trade. I have several cash buyers that are looking for condos. If you would contact me maybe we can sell yours and find you a new one. This could be a win-win for both of you.

My contact information is below:

Joseph Domino
REALTOR®, CSSN
HomeSmart
(Office) 602-503-4194
(Mobile) 480-390-6011
(Fax) 602-503-4194
jsdomino@scottsdale-azhomes.com
http://www.Scottsdale-AZHomes.com
0 votes Thank Flag Link Sun Mar 28, 2010
Banks do not take contingent offers or trades. I would recommend Nate Martinez at ReMax for more information about the market in Scottsdale or Northern Phoenix.
0 votes Thank Flag Link Sun Mar 28, 2010
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