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Anyone ever done a house swap?

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Robb Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-28-08 09:24 PM
Original message
Anyone ever done a house swap?
Oh, ye gads, the copycat threads this will spawn... :D

Anyhoo. Anyone ever swap their house, permanently? I've began conversations with a guy in another city who wants my house, I think I want his, and they're in the same price range.

Seems like something a lawyer could write up for us on the cheap, eh? :shrug:
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Muttocracy Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-28-08 09:25 PM
Response to Original message
1. is this like that make me move feature on nt
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Robb Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-28-08 11:22 PM
Response to Reply #1
2. This is done via craigslist
...You basically say, I have a house for $X in my city, want to move to your city into your house, let's swaparoo. :D

As I understand it, you sign the houses over to one another, and take out new mortgages to pay off the old ones.
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Tuesday Afternoon Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Feb-28-08 11:41 PM
Response to Original message
3. It is the hot thing to do right now --
House swapping is the increasingly popular activity of two homeowners living at each other's houses for a set period. Homeowner A would live in Home B for a time period, while Homeowner B lives in Home A.

Home swapping during travel and vacations always has been used informally between relatives and friends. In the early 1950s a couple of organizations sprung up to more formalize this process and they still exist today as and Intervac and are amongst the largest home exchange organizations.

Initially the lists of families interested in exchanging were circulated primarily amongst educators but over the years these organizations grew to thousands of members from all walks of life and with printed catalogs including color photos of the homes. With the coming of the Internet the number of organizations increased and arrangements are made more quickly by email rather than postal mail.

It is usually used as low cost vacation accommodation and is a private arrangement between the two parties. The arrangement has several benefits - neither has to pay for lodging, the home itself is usually more comfortable than a hotel, and plants/pets may be cared for for free. House swapping is most popular with in-town residents planning to vacation in another major city. There are many organizations online that facilitate such swaps for free or a fee.

and more:
AP) A tough real estate market that has seen homes languish with for-sale signs in their yards has pushed some Michigan homeowners to try to swap their residences.

Home swaps more typically are used by vacationers, who arrange to temporarily exchange homes. But owners looking for bigger or even smaller homes are trying to set up permanent swaps, The Detroit News reported Saturday.

Rob and Kelli Clifton want to swap their three-bedroom ranch on Lake Louise in Ortonville, about 37 miles northwest of Detroit, for a larger home near good schools. The home offers with 55 feet of private shoreline, a big backyard and a new kitchen.

"It's not like we haven't tried our best to sell this house," said Kelli Clifton, whose home also remains for sale on the traditional market. "We've offered everything, dropped the price. If this does the trick, that's fine by us."

and more:
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Lex Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-29-08 12:15 AM
Response to Original message
4. Do you swap mortgages, assume his, get a new mortgage?
Edited on Fri Feb-29-08 12:21 AM by Lex
If you pay his, and he pays yours, what if he defaults on yours (if the mortgage is still in your name)?

Sounds like 2 regular closings is the best bet.

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flvegan Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-29-08 12:19 AM
Response to Original message
5. Invest in a title search.
Both of you.
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Whoa_Nelly Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-29-08 12:21 AM
Response to Original message
6. About the same price
but what condition?

Would swapping be contingent upon a building inspection?

Just wondering.... :shrug:
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