Home Selling in Acton>Question Details

Meghna, Home Buyer in Belmont, MA

Why dont you guys list home exchange on your website?

Asked by Meghna, Belmont, MA Wed Dec 15, 2010

I have a beautiful condo near lake Winnipesaukee in NH. I had to move because of my job. I would like to exchange my home permanently with any condo in Acton. It will at-least help me from paying both mortgage and rent. There are lots of other website which are popping up with home exchange but how much do people know about them. A popular website like your should list it.
More people get to know about home-exchange People will have more confidence and may be this can save foreclosures. I hope u consider my request
thanks
Meghan

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Answers

8
Andrew Adams’ answer
Your lender will likely have an issue with an exchange and it could trigger the acceleration clause. Issuance of a demand notice! I would strongly suggest you are aware of the consequences before you go down that road.
2 votes Thank Flag Link Wed Dec 15, 2010
Both lenders are not going to agree to simply switch borrowers! That is a wild goose chase!
0 votes Thank Flag Link Wed Dec 15, 2010
Well first of all it would take alot to do such a transaction, especially interstate. Several issues. How many people move from Acton, MA to an area "Near" Lake Winnipesaukee NH each year? Out of that group of people how many buy condos? Is the property they're looking to sell of like kind & value? Does either property have a mortgage? How much is owed on each if so? What is the appraised value of each property & how will it be mutually agreeable to be valued? As mentioned before what restrictions might the lenders have on such transactions (i.e assumability, demand on sale/transfer etc. clauses)? In your specific case you'll also be dealing with 2 different states real estate, tax & local laws. What about home inspections, insurability, title insurances, home insurance issues?

When we real estate professionals list a property for sale we do ask what the sellers plans are and often times we either have sister offices or affiliate offices or referral networks in place for the area in which they might be interested. Is the listing office licenced in that MA if they were going to advertise your property in Acton for the sale/swap situation? We usually have extensive networks available to our disposal but once again alot would depend upon how many people in Acton are looking for a condo like yours & purchase every year. I might hazard to guess it might be a small population. Have you ever met anyone in the general area where you live from Acton?

You should probably consult with a local real estate attorney in your area to review the possible, issues your unique situation involves. If you are not currently listed with a real estate professional and wish to do this as a private sale, you might travel to Acton with info sheets and meet every real estate professional in town and make your property known. If your property is currently listed with a real estate professional you might review the marketing plan with them to see if this idea might also be worked in somehow.

Hope that helps,
Web Reference: http://www.MedfordHouse.com
0 votes Thank Flag Link Wed Dec 15, 2010
Hi Meghan,

I am working on a Home Swap right now! It didn't start out that way but it is a situation where my clients found a "move-up" house. Their house is not yet on the market so they are hesitatant to move forward and risk being in a double-mortgage payment situation. It so happens the seller of the house they want is looking to "downsize". We are talking to the attorneys, the accountants, the mortgage people etc. to make sure we do this legally and so it benefits all involved. Let me know if you'd like to follow this transaction.

As previously stated here, in this volatile market, we do need to think outside of the box! Home exchanges just might become more and more popular if consumers like yourself and your broker initiate them!

Good luck!

Judy Boyle
REMAX Signature Properties
0 votes Thank Flag Link Wed Dec 15, 2010
Meghna, I think Andrew explained the problem succinctly and accurately.

It's not just a matter of "swapping houses," both houses need to be owned outright, free-and-clear of mortgages. Otherwise, the mortgages on both houses need to be assumable.

Then, comes the question of valuing the equity and mortgages. You're swapping two houses worth roughly $200,000 and both parties are happy, but what if one is mortgaged for $50,000 and the other for $150,000? Maybe you'd trade one for another one worth $150,000 or $250,000?

I think before house-swapping sweeps the nation, there are a couple of minor details to be worked out.

Do keep us posted on your efforts,
0 votes Thank Flag Link Wed Dec 15, 2010
When i say home exchange...i mean to do it totally legally with the lender being happy and so..
Its hard to sell if for low but its easier to trade if you like the area and the place..although you are not fully reimbursed every penny...when you sell u look in to profits and loss....when you exchange something (sell and buy)..its not that pain...its more a feeling of content..though u might end up at loss..You immideately have a home.

I just wish, when real-estate agents get their listings, they should ask where the seller is planning to move and come up with a plan... like looking in to properties that are for sale in the area and ask if they are interested in exchange. It will be nice to find a RE agent who could sell your place and also find one to buy(like u buy mine and i buy yours) with his networking skills...

Ofcourse there are some websites that do it...but they aren't that popular...and people are not sure how to do it legally!!!
0 votes Thank Flag Link Wed Dec 15, 2010
Meghan,

People do resort to creativity during difficult times.....we are seeing a huge influx of owner financed and lease option deals today. Home exchanges may be still another creative way for people to meet their real estate needs.

Good luck with your new job and your home search.

Bill
0 votes Thank Flag Link Wed Dec 15, 2010
Meghna,

Maybe they will add home exchange someday. but meanwhile, have you tried Craigslist?

Deb
Web Reference: http://homes.debn.net
0 votes Thank Flag Link Wed Dec 15, 2010
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