Want to move without selling or buying a house on the open market? House swapping is the ticket. When you work with a company that buys and sells a lot of homes, occasionally there’s a chance that two house owners are looking to live in different areas and are able to trade houses.
House Swapping Example:
- House #1 Value: $180,000
- House #2 Value: $210,000
- Homeowner #2 can pay homeowner #1 $30,000 and then both homeowners basically swap deeds for their properties
There aren’t really any downsides to house swapping other than the fact that it can be tough to line up since it requires two people having exactly what the other person wants.
Second Chance Offers buys and sells a large quantity of houses and on occasion we can facilitate a house swap in exchange for a fee from one or both house owners. If successful, this is faster and cheaper than selling using other strategies. There are no Realtor commissions to pay, and the closing costs are significantly lower than with a normal transaction.
What about the loans on the existing homes?
If one or both homes have mortgages (which is usually the case) then either the buyers can get new loans, sell the properties subject-to, or sell the properties with wrap-around mortgages. Many creative financing strategies can be employed.