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Travis, Other/Just Looking in Circleville, OH

My wife and I was approached by a person that was looking for a house in town. As we were looking to sell our

Asked by Travis, Circleville, OH Thu Feb 19, 2009

house in town and move out to the country. She mentioned that we traded houses. I don't know how you would go about this but heres alittle info. We bought our house for 70k did lots of renovations and is worth around $155k and we owe 124k. and 2300sqft. The other house I don't know how much she owes but she does owe. its a 1400sf house with 5ac. Can we just switch houses or is there alot more involed?

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Definitely more involved than what may appear. My company actually has a "Swap" Program already in place. We call it our "Seller Match" program. Two sales contracts must be prepared and of course if there are mortgages involved then a lender must be brought in. All in all though a nice way to "think out of the box" in this challenging market.
Web Reference: http://www.danberry.com
0 votes Thank Flag Link Fri Feb 20, 2009
You can sell your house to her and she can buy your home, but you will most likely need to go through the whole application process again since your lender lended on your specific home to you. Even if a loan is assumable, the buyer will have to go through the application process with the lender to assume the loan. Check with your mortgage company to find out the details of your loan. If you aren't familiar with current prices, ask an agent to give you a free CMA to make sure that you are getting a fair deal and if you are going the route of FSBO between the two of you, please use a reputable title company and/or attorney.
0 votes Thank Flag Link Fri Feb 20, 2009
There are many issues to address. My advice would be to contact an attorney that specializes in Real Estate and have him guide you through it.
0 votes Thank Flag Link Thu Feb 19, 2009
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