Single Family Home - Ashburn, Broadlands, Brambleton (sale, loan)

[Ashburnhome]

Hi All,
I live in Ashburn Village past 2 years and we bought the semi-detached house (3000 sqft, three levels, and single car garage) for $540,000 when the market was on peak (Sellers Market).
Since market is down, I hear the news that new home builders are willing to exchange your existing home with brand new house, meaning if your existing home is depreciated for say $50k, builders are willing to reduce that $50k-$75k from the new house? Any idea how this works?

Thanks.

[DavidS827]

I haven't seen any actual exchange programs (i'd be intersted to find out if builders are doing this though), but I have heard of dollar for dollar reductions. The way I have seen it work is that you have to reduce the price of your home by X dollars and the builder will then reduce the price of their home by the same amount. In some cases they will even tell you how much you have to lower your price for them to procede with the offer. However, be advised that you wont be allowed to walk away with any money, so if you price your house below what you owe, you better be able to come up with the shortage. Also, don't sign anything with the builder without having also agreed to a sale of home contingency. This way you wont be stuck with two homes if yours doesn't sell.

[Tish Thompson]

Originally Posted by Ashburnhome

Hi All,
I live in Ashburn Village past 2 years and we bought the semi-detached house (3000 sqft, three levels, and single car garage) for $540,000 when the market was on peak (Sellers Market).
Since market is down, I hear the news that new home builders are willing to exchange your existing home with brand new house, meaning if your existing home is depreciated for say $50k, builders are willing to reduce that $50k-$75k from the new house? Any idea how this works?

Thanks.

Speak with the folks at Ryan...I think their website is ryanhomes.com. I learned about this program when an "upside down" client decided to sell her home. Depending on how quickly you can sell your current home, this may be a viable option for you.

[Ashburnhome]

Thanks for the response.

We are happy with the house we are living in terms of space, location, commute etc....The only reason I'm considering to exchange with new house (if possible) would be to compensate the price I had over paid. It’s really bothering me everyday that the house we bought is worth $100k less than what we bought for with in less than 2 yrs.

We are planning to live this house another 5-10 yrs, so given that do you guys think it's really worth to stay with this house. Any advice / suggestions will be greatly appreciated.

[DavidS827]

For your situation, it doesn't make any sense to move. Why go through all of the emotions of trying to sell your house now when you are happy with what you have. No matter how you look at it, you would still have to come up with at least $100k to sell it. Bottom line is...stay in your home, be happy and sell in 5-10 years for a nice profit.

[5stones]

stay the market will turn around and you will have paid down your loan quit a bit in 5-10 years.
You will only loose money if you move now...not just on the re-sale price but the cost of getting another loan & moving expenses etc...