Housing prices began to climb steeply a number of years back, and they soon began to reach incredible heights. People who wanted to enter the housing market had to buy homes for sale that they really couldn’t afford, and soon many had to turn around and put their property up for sale or risk missing mortgage payments. With the recent crash, there are no longer many people who are interested in investing in property until the real estate market stops going down, and this is causing problems for homeowners who want to move.
One way that homeowners are taking back control of the situation is through home exchanges. This is a process of searching through a list of homes that are potential trades, finding one that you would like, and hoping that the homeowner will feel the same way about your property. When it works, paperwork is drawn up, loans are paid off and financing obtained, and the home trade is made. Because the homes are typically around the same price, there is little loss with the home swap and you can eliminate other expenses that tend to come with the purchase of a new home.
One major difference when you have a home for sale versus one for trade is the cost. You save money by not having to pay a commission to a real estate agent. Instead, the two homeowners will do all the work and search out a situation where both parties want to swap houses. Once an agreement to trade homes looks imminent, a real estate lawyer should be called in to ensure that the homes exchange transaction goes smoothly and that neither party will suffer any losses.
People who want to try and exchange homes have been frequenting online websites like www.craigslist.com in greater numbers than ever before. There has been an increase of thirty percent of postings in this particular forum, as more people are looking for ways to take their homes that are for sale off the market. Swapping homes is a viable option in a market that is so turbulent and may become a common way of moving real estate in the future as well.
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