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Did you know that...

  • When swapping existing mortgages will be paid off at closing. Since property swap involves party A buying a property from party B party A's mortgage will be paid off from party B's proceeds, while party B's mortgage will be paid off from party A's proceeds. Because most transactions are financed actual funds are coming from the mortgage companies, plus equity that either party had, (if any).

  • Do you have a loan? No problem, you can still swap as long as you qualify for a new loan. Swapping works as simple as "I buy yours if you buy mine." read more...

  • keep equity
    One of the biggest advantages of trading properties versus selling in a declining market is value preservation. Both parties in a trade can agree on the property values they are comfortable with, and not the values dictated by foreclosures and short sales in the area. More info at How to swap...

  • no double payments
    When trading real estate owners pay off the mortgage on their existing home and obtain new financing on the new home - all on the same day via simultaneous closing. More info at How to swap...

  • save on commission
    House swappers can potentially save $5,000 on real estate commission for each $100,000 in trade value. So, if both parties swapped their $300K homes, the total savings would be $30,000 (or $15,000 per side assuming a typical 5% commission). More info at How to swap...

  • Trading houses actually makes it easier for borrowers to qualify for a new mortgage on the property they are buying because mortgage on the current house is paid off when they trade. More info at How to swap...

  • Owners do not have to have their properties paid off in order to be able to swap, contrary to popular belief. However, owner will have to be able to qualify for a new loan on the property they are swapping for. More info at How to swap...

Trading improves chances of qualifying for a loan

Trading houses actually makes it easier for borrowers to qualify for a new mortgage on the property they are buying because mortgage on the current house is paid off when they trade. More info at How to swap... easy to qualify for a loan when trading
 

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