Would it ever be possible to swap properties with a bank?

Asked by Jai56, Andover, MN Thu Jul 2, 2009

For example, my home current on all payments, last appraisal $221K for a foreclosed property valued at under $190K. They are not in the same neighborhood. Thanks.

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Bill Eckler, Agent, Venice, FL
Thu Jul 2, 2009
Wow!!! "Let's make a deal"

Banks are not in the business of owning property. Their focus at this time is to get rid of the properties they are accumulating ASAP. Simply put, making a "trade" would not move them in the direction they need to go..................

As others have said, consider selling your home first, then go after the "foreclosure."

Good luck
1 vote
Keith Manson-…, , Milwaukee, WI
Thu Jul 2, 2009
The question is why would the bank want to exchange proeprties? The bank is most likely tied to an investor who has responsiblities for the property and resposnible for the bond holders of the note. To create a exchange, would entail a lot of paper work and alot of negotiations with a lot of parties. The banks are having a difficult managing there current foreclosed properties to sell, so there is no reason to make a process more complex than it already is. This especially true for only one transaction. Best thing to do is sell your property and purchase the other if that is what you want!

Keith Manson
First Weber Group
Certified Distressed Property Expert
Greenfield, Wisconsin
1 vote
Jennifer Kor…, Agent, North Oaks, MN
Wed Jul 15, 2009
If you are current on your payments. You can do a short sale and only take about a 50 point hit in your credit. In most cases, depending on your curent credit score you could still qualify to buy a foreclosed property after the sale of yours.
Jennifer Kortan
0 votes
Joel Friday, Agent, Coon Rapids, MN
Thu Jul 2, 2009
They are actually doing some loan modifications so that would probably be a better route to look into right now. Call the bank and see what they can do as they arehave incentive to keep you in your home.

Joel Friday
Web Reference:  http://JoelFridayHomes.com
0 votes
Dana Schuster, Agent, Slidell, LA
Thu Jul 2, 2009
Probably not,as the banks are trying to get rid of property not accumulate it or hold on to it.
0 votes
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