Trading Homes Not Just for Vacation Anymore
It’s already impossible for my husband to agree to allow someone in to feed the dogs or cat although we have lots of friends who would be willing. Instead, we have to board them at $30 a pop p/day for a week. It would take nothing short of a miracle to get my husband to trade a home for a week for vacation… something people from across the world have done which saves them thousands of dollars. At Bargain Babe’s site, there are links to home exchange platforms where would-be vacationers can find each other.
Recently, the swaps have become more permanent in nature. MSNBC.com did a story recently about two homewners who were finding it impossible to sell. One listing agent, however, recalled touring a home for another client and she suggested her new customer check it out and that maybe the sellers would consider a swap (one was moving to a bigger home and the other was downsizing).
Sergei Naumov, founder of GoSwap.org, is currently hoping to swap his own home,
“… sellers in this market have nothing to lose by trying one, and that real estate agents or individuals working with lawyers can easily steer the transaction process.
“The worst that can happen is that you get an offer you don’t want,” he says.
And as some sellers are learning, such an offer may be better than no offer at all.
When homeowners decide to swap, they are not relieved from the process of clarifying that there is clear title to the property they are selling. Further, if the homes being swapped permanently are worth different amounts, the lesser of the two will either have to bring cash to the table or be prepared to get a home loan to make the purchase. But this would be required anyway in a regular purchase transaction so shouldn’t alarm anyone.
Trading homes is a miniscule part of today’s real estate picture, but it could trend into something more interesting and definitely bigger. It seems like a completely way to look at trading spaces.
Photo by The Independent of London.
April 8th, 2009 at 11:36 am
[…] need my buffer zone (not that I’d ever stomp off in a huff - ha). Maybe I can find someone to trade homes with in a year or […]