how can i trade my equity in my house for one in another town?

Asked by Lynn, Fort Bragg, CA Thu Jul 3, 2008

I there such a thing as "trading equity" ? I think our friend in Reno did just that (years ago in the up,up,up market days)

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5
Wendi Kempsa…, Home Seller, Naples, NY
Sat Aug 11, 2012
List your home for trade on besthouseswap.com. It is free. Then do a few searches to see if there is anything you would like to trade for. Contact the owner and tell them what you have. Both sales would occur on the same day using the same escrow company. Price should be determined using a third party professional appraiser. Most realtors will charge a flat fee for helping with paperwork. Or you can use a real estate attorney. Some states require an attorney. I am actually looking to trade with someone in California myself, but Fort Bragg is too far North for me.
0 votes
Jed Lane, Agent, Petaluma, CA
Fri Jul 4, 2008
Lynn,
When you sell you take your equity and when you buy you place the prceeds into a new property. Equity trade done.
If you are looking for a new age barter trade to be done without sales, brokerage fees, new tax basis etc. You'd have to find someone that wants what you have and has what you want. Then you have to exchange mortgages and change title etc. Interesting idea but the market place is more efficient. In most cases a barter trade market has limitations without the exchange intermediary of money.
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Jul 4, 2008
Not familiar with what you want to do if you were it all have to go thru title. Based on lenders they can call your notes you can lose your home
http://www.lynn911.com
0 votes
Keith Sorem, Agent, Glendale, CA
Thu Jul 3, 2008
Lynn
In general terms this is not a real estate transaction...it's a commodities transaction.
I am not sure if this translates.
Maybe pose a more specifc question, like if my home, when I sell, will be $50K short, can I make it up in Duluth?
That would get some interesting answers.
0 votes
Vicky Chrisn…, , 20176
Thu Jul 3, 2008
we're not talking about a property exchange here, right? I am not sure how you "trade equity" exactly. But maybe someone used that term and was talking about selling and rolling the equity into the new home? Let me know if you get a better answer. I am on these sites to be educated as well as to educate.
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