How to Do a Permanent Property Swap Between Homeowners
During a buyer's market, which means there are more sellers than buyers, sellers can expect to wait a very long time to sell their house. When this happens, individuals get creative. Some sellers will owner finance their property, while others attempt a more uncommon means of getting out from under their homes. Home swapping is not a new concept; vacationers have been doing it for years; but swapping homes permanently is much less common.
Other People Are Reading
Instructions
-
-
1
List your house online with as many Internet house-swapping sites as possible. The chances of finding a suitable swap are improved when you diversify your listing. You can use free sites, such as craigslist, and you may find the right homeowner with the right home who is willing to trade. However, for the best selection subscribe to a home-swapping service. Sites that require you to pay a monthly fee have an incentive to keep your listing, so look for services that allow you to pay for their services only when a suitable swap candidate is found.
-
2
Check out potential homes in person. To be safe, arrange for a visit to the home during the day, taking someone else with you. Do a quick inspection of the home, looking for any obvious signs of wear and tear. If you like the home, contact a reputable home inspection service and arrange for a thorough inspection to be done before committing to a swap. If the water servicing the home is from a well and it has a septic system, rather than a city sewer service, have both the water and the septic system inspected.
-
-
3
Hire an attorney or real estate agent to handle the transaction. Known as a simultaneous sale, use the same attorney or title agent to handle all of the details. The closing date has to be the same for both homes. However, if you live many states apart, the closing agent can handle both transactions simultaneously through their network of closing agents.
-
1
References
Resources
- Photo Credit Jupiterimages/Creatas/Getty Images
