Home Swapping Instead of Home Selling

by Mary Ann Romans | More from this Blogger

11 Sep 2008 10:45 AM

With more and more homes remaining out on the market for longer periods of time, desperate homeowners who want to move are looking into alternatives to getting their home sold the traditional way. One of these way is through home swapping, trading an existing home for someone else's existing home. Even developers and real estate agencies are looking into home swapping in order to get their new homes sold. In the case of developers, the home swap is more like a trade in, just as if you were trading in an old car for a new one.

While home swapping is intriguing, and the number of resources that facilitate home swapping are growing, the odds of being able to swap your home for another is probably not too good. First of all, only a small portion of homes are available for swap, reducing the number of homes that may be available to you. On top of that, you need to find a home whose owners want your home, an even harder feat.

It is hard, while home swapping, to make an even trade. An older couple who is downsizing their McMansion for a smaller home while you are looking to trade up might be possible, but the trade may have to include cash or financing to make up the difference in the home values. But, if you can work it all out, it seems like an ideal situation. You get to buy your home and sell your existing one, all in the same transaction, or at least with consecutive closings.

Be sure to be prepared to have a real estate attorney available to protect you against the possibility of getting stuck with both houses, if the other swapper decides to bail after you close on his house. If you already have a real estate agent, you'll probably need to pay him the commission on the sale of your home, even if you bring the buyer to the table yourself through home swapping.

To learn more, check out the home swapping area on Craigslist.org, DomuSwap.com, OnlineHouseTrading.com, GoSwap.org and TrySwappingIt.com.

Mary Ann Romans writes about everything related to saving money in the Frugal Blog, creating a home in the Home Blog and caring for little ones in the Baby Blog. You can read more of her articles by clicking here.

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Learn more about Mary Ann Romans

Mary Ann Romans is a freelance writer, wife and mother of three children. She lives in Pennsylvania with her husband, the kids and a 16-pound cat.

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