Posts Tagged ‘real estate swap’

One year.  That’s how long I have been trying to sell some land.  I’m not alone, I heard just the other day that a family was contemplating moving back into their house that they had been trying to sell for six months.

Recently I put my land on domuswap, a real estate swap site.  Here is how it works.  You list your property and set up some criteria on what you will consider in trade.  The site attempts to match your property with possible trade candidates.  You can search for properties and inquire about possible matches.  In the few weeks I have had the land listed I have gotten several inquiries, one interesting and a real candidate.

The one challenging thing is if the properties are financed.  The lender won’t let you just move a loan over to a new property, you have to get a new one.   All the rules apply as if it was a regular transaction,   even if you decide to trade into a property that is worth less than your current property, the bank will want an appraisal and lend based on that, not based on what you are trading out of.

Other swap sites are goswap and onlinehousetrading.  I haven’t checked these sites out yet.

Read Full Post »