25 Mar Trade you my Eagan Home for your Lakeville Townhome, and a cookie?
Recently a client called to ask about trading homes. He and his darling young family are in an Apple Valley Townhome and someone they know is in a large Single Family Home South of Lakeville. They would like to trade, but each property has a Mortgage on it. Trading Homes sounds like a good idea and it is, the challenge comes with how to get the current mortgages closed out while simultaneously taking out New Mortgages.
It’s not impossible to do, however there needs to be either one home owned free and clear, or some temporary cash in the mix to pay off one of the homes. Otherwise we find ourselves in a classic push-pull type of “hand off” between the mortgage companies. We discussed other ways for him to move from his Apple Valley townhome and even talked about the idea of ‘rental swapping’ the homes. They could trade homes for a few years until the market gets better and allows them to sell to each other. If you have a creative idea, or wish to discuss something like this, just give me a call or send an email, I’d love to hear it.
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