HAVING TROUBLE SELLING YOUR HOME AND THINKING ABOUT TRADING?

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For years, families have been swapping homes for a certain period of time so that both parties can try another location for vacation. In this tough real estate market, a new trend is emerging in which families actually swap houses for good.

Here's how it works: Each family sells one house in one transaction, and then buys another house in a separate transaction. It just happens that they're buying each other's houses. While it's that simple, one of the downsides of swapping houses is they couldn't be as picky as they might be in a traditional transaction, but everyone is usually happy about the price.

Pros and Cons
Wendy Bounds, Wall Street Journal columnist and Good Morning America contributor, offers details on how house swapping works and the pros and cons.

You aren't necessarily swapping homes of equal value. Both parties get their homes appraised, and if one home is worth more than the other, then one buyer has to come up with cash or a mortgage to make up the difference. Swapping could help you move a property that you would be otherwise unable to sell, which is huge if it lets you move on with your life.

Insist on a simultaneous closing. This usually means using one title insurance company and having a contingency in the contract that the deal is not complete until all parties sign off on it. That way no one has to worry about getting stuck if they buy another family's home but that family pulls out of the deal to buy their home. This ensures you won't get stuck with two mortgages and two homes.

Don't get involved with sellers who owe more on their home than it's worth because that seller could have trouble getting financing. If you're swapping a home in another part of the country, Bounds recommends taking a road trip or cashing in those frequent flier miles to go see the property. Online photos can be deceiving, and there are horror stories about people ending up with a property that was seriously misrepresented online.

THE NEWCON GROUP TAKES CARE OF ALL THE DETAILS ON A HOUSE TRADE AND WE WOULD BE HAPPY TO GIVE YOU MORE INFORMATION AND HELP YOU DETERMINE  IF A HOUSE TRADE IS THE BEST ROUTE FOR YOU TO TAKE WITH YOUR HOME. CONTACT US TO FIND OUT MORE ABOUT HOUSE TRADING.