Own 4000sf 5 4.5 in Beverlywood. Want to downsize to 3 2 or 2 2 on westside to someone who wants to upsize using their home as downpayment on ours.

Asked by Rita, Beverlywood, Los Angeles, CA Thu Aug 19, 2010

Any advice on how to do this? Have 2 dogs so need small home in upscale neighborhood ranging $700-800K. Possibly assume our mortgage of $1.2M with other home as downpayment.

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Dorene Slavitz’s answer
Dorene Slavi…, Agent, Torrance, CA
Thu Apr 12, 2012
Dear Rita,,

I forsee quite a few possible problems with this due to the many legal issues you are likely to encounter. Why not just list your Beverlywood property, sell it and then find another smaller more suitable home?
We do this kind of thing every day, so you should have no trouble getting this accomplished. The only issue that does come up is the timing. Sometimes the first house sells, before you can find a replacement which will have you in a hotel for a short time in between.
0 votes
Sona Gallatin, Agent, Santa Clarita, CA
Sat Feb 2, 2013
Sounds like problems on the horizon, wouldn't you rather have a clean cut transaction? I have a buyer who will pay cash for a home in Beverlywood. Where is yours located? West of Robertson and above cattaraugus? Then let's talk.
0 votes
David Kohan, Home Buyer,
Thu Jan 31, 2013
Hi Rita,

I am looking to buy a house just like yours and I think I can be a perfect fit. I am a principal, feel free to call me at 310-922-0237 David.
0 votes
Lynn Le Glai…, Agent, Los Angeles, CA
Sat Aug 21, 2010
Hi Rita,
It's not quite clear to me as to why you see a house "switch" as your best scenario. Nonetheless, it is a great idea and I am sure there is someone out there looking to expand their living quarters but not quite able to get a loan-or there may be other road blocks to acquiring that larger home even though they currently own the property which they live. However, as you've read in the previous posts, there are other options for you.
I'd be more than happy to sit down and talk to you about an assortment of possibilities.
Feel free to send me an email (lynnleglaire@sbcglobal.net) or call me (323)219-4480 and we could talk about those possibilities.
Lynn LeGlaire
Keller Williams Realty
P: (323)219-4480
E: lynnleglaire@sbcglobal.net
Web Reference:  http://www.lynnleglaire.com
0 votes
Emily Knell, Agent, Huntington Beach, CA
Fri Aug 20, 2010
This is very simple; sell your house traditionally, market it to ALL buyers who want a home like yours, get the absolute Highest price possible, then do a rent back for 60 days (extend if necessary) as you look for your new smaller home with minimized stress and money in the bank from the sale of the Beverlywood home.

I would be happy to give you an honest, no b.s. opinion about the value of your home & a figure you could likely obtain for it. Before putting it on the market we should analyze the availability of the homes you're interested in downsizing to.

Please email me directly, as I won't be checking back on Trulia for responses. You can also look through the MLS by going to my web link below, see pictures of the smaller home you're looking for in the area you want to live in.

562-430-3053 cell
0 votes
Deborah Brem…, Agent, Los Angeles, CA
Thu Aug 19, 2010
As you may have guessed by the variety of answers you've received, all of us are unclear what your motivation for a "switch" would be. The odds of finding the one person who wants your home in exchange for theirs, which would be right for you, are infinitesimal.
Any time you decrease the number of available buyers in the pool, you decrease your odds on getting the best price.
My advice, based solely on the information at hand, is to do an exchange: you pick the house you want, your buyer buys that house, then exchanges it for yours. The logistics and process of selling a property and then buying another property are practically identical to any standardized sale and buying situation.
However, this may be completely unnecessary, based on your own personal situation, and not the simplest solution. There are many options available to you: sale and leaseback, lease after purchase, and straight sale.
Please allow me to sit down with you for a quiet conversation to discuss your options.
Deborah Bremner
REALTOR, 00588885
(O) 310-571-1364 DIRECT
(D) 818.564.6591
0 votes
Richard Schu…, Agent, Los Angeles, CA
Thu Aug 19, 2010
There are many ways to do it, it mostly depends on you. Your best option may be getting a rent back on your home, that allows you to rent your home back after you sell it, while you look for a new home. If you narrow your search to a buyer who wants to switch homes with you, you are going to hurt the sales value of your home. If you'd like to discuss further, feel free to contact me.

Richard Schulman
#1 Listing and Selling Agent
Keller Williams Westside Realty
0 votes
Monique & Joe…, Agent, Beverly Hills, CA
Thu Aug 19, 2010
Hello Rita,

It sounds like you have a great home. Would love to see it. There are some great options on the Westside in the 700-800k range. It's difficult to find someone to assume your loan. I actually may have someone to purchase it if it's right. Let me know your email and I'll send you some options in the area.


Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
0 votes
Jeffrey White, Agent, Beverly HIlls, CA
Thu Aug 19, 2010
Why not just prepare your home to sell and put in a purchase offer for your new home with a contingency for yur currentl home to sell? It won't be easy to find a move up buyer who's will assume your loan, but to be fair it is possible. Please give me a call or email and I can advise you as to the best way to downsize. There are a few changes in the law for 2011 also that will affect the sale of your current home.

Jeffrey White
Keller Williams Beverly Hills
0 votes
Marilyn Jenne, Agent, Los Angeles, CA
Thu Aug 19, 2010
Let's start at the very beginning. Is your house currently worth the outstanding $1.2M? If not (or barely), then it is unlikely any buyer would be willing to switch, unless their home were in the same situation. It sounds like you may want to sit down and get a price opinion and then discuss options. There seems something missing in terms of either your motivation or circumstances that is just begging to be uncovered. Care to share?
0 votes
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