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Trading Houses |
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While looking at a home recently, the realtor informed us that the seller was interested in trading properties with us. The home we are looking to purchase is worth more than our current home, but needs work--mostly cosmetic. Can you explain how this trade might work? The realtor said that both parties just had to agree on home values. Thank you for your time. |
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It's not likely that any mortgages on the two homes are assumable (not many are these days.) My guess would be two straightforward sales -- you buy theirs, they buy yours. Each of you arranges new mortgage, if needed, in the normal way. That agent knows your situations better than I do, so let him or her explain what could be done. As for agreeing on home values, you can base your sale prices on the usual analysis of nearby recent sales of similar properties. If you do get new mortgages, the lending institutions will be sending out appraisers anyhow. |
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Edith
Originally published on September 30, 2007 |
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