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I will try to make it short-
Have had a house on the market 6 mths, was trying to sell because of a downsizing and thought we would be relocating elsewhere. Turns out hubby accepted a surprise job offer here. So in theory we don't really need to sell, but will still try as it is really a larger home than we ultimately needed. If it sells we plan to rent...
But then yesterday I had the brilliant idea of seeing if there are any smaller properties out there where the owners want to 'upsize'....kind of a 'we'll buy yours and you buy ours', a swap if you will. There are several properties we could be interested in if 'upsizing' is the case. ( in retrospect, So many if those coming to the open houses/showings had homes to sell!!)
I explained this to our agent and she thought it had potential. She said she would ask her broker about this and about putting out a hot sheet with offer to 'swap'. (not sure of the verbiage...I would want it as a FYI- this client will consider blah blah BUT the home is still open to any buyer...))
Well the broker said the odds of this happening are small and the hot sheet might put realtors off from showing it just to buyers. Agent said she could still put something on the MLS about a possible swap...
I personally think the broker is full of poop and these Kansans are too afraid to think out of the da*n box and try anything new..... If someone has what we want, and we have what they want, wouldn't it create a win-win for everyone? Especailly in this sluggish market. I would venture to guess that there are more residents moving around in the same area than there are new people coming in.
Regardless, I plan to have our agent call the agents of properties we could be interested in and see what the sellers are trying to do....
What do you guys think?
Is it a stupid idea? I figure the odds are no worse than sitting around waiting, it isn't like the realtors are beating the door down here anyway. What have we got to lose ?
What do you guys think?
Personally I like the aggressive approach and your thinking outside the box.
The odds of something happening are slim but it's better than sitting around waiting. Go for it. When you identify a few properties you like have your agent contact their agent and offer the swap verbally to see if it might work, then start on the details.
Oh, let me add...if a 'swap' came to pass, one detail would be that both 'offers' would be contingent on each other....does that make sense?
Contingent upon what? That they are both of equal value? Contingent upon you coming to an agreement as to what the difference in value is? Contingent upon inspection? Contingent upon appraisal or bank approval?
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I think your idea is OK, but buyer's looking at your house are already likely to be moving up in size for one reason or another, so your best hope would be a buyer looking at your home has a home that you want to live in.
If I were you I'd locate a home for sale that you like, and make that seller an offer that includes them taking your home.
I essence almost every home sold is part of a swap. It just usually involves 3 or 4 parties instead of 2.
gbone, honey, I am not gonna write out all the what if's that come to mind .....I could but...I know there would be some.
..I just wanted some feedback as to if the idea was stupid or a creative way to maybe move some real estate...you know cha ching cha ching , botta bing botta bing!!!
I don't think there is a problem in sending something out. I think rather than post something on the hot sheet, remember the hot is really big now...
I would just send direct emails to agents that have smaller homes that are similar to what you are looking for and see if their folks are looking to move it. It would be more targeted than the hot sheet.
I'm not a Realtor but I am a seller. Well, a wannabe seller at the moment . We're trying to relocate out of state. We'd swap in a heartbeat if we could locate a buyer from our destination state who wanted/needed to come here. Of course, *some* money would have to change hands if the two properties aren't of equal value. Still, it gets two properties "sold", and results in happy buyers and sellers. What's not to like?
I think it's a great idea. Wish I could do it. Good luck with getting the wheels in motion!!
Not a bad idea. Don't know what the liklihood of finding the right "pair". Need to consider how to pay the agents. Lack of cash changing hands opens up IRS anti-barter alert too... Barter Exchanges (http://www.irs.gov/businesses/small/article/0,,id=113437,00.html - broken link)
Not a bad idea. Don't know what the liklihood of finding the right "pair". Need to consider how to pay the agents. Lack of cash changing hands opens up IRS anti-barter alert too... Barter Exchanges (http://www.irs.gov/businesses/small/article/0,,id=113437,00.html - broken link)
It's not a barter exchange. When this occurs there are two separate purchase and sale agreements that occur. The contracts are just contingent on each other.
They occur like any old ordinary real estate transaction. One home is worth more so the other party would pay more.
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idea of seeing if there are any smaller properties out there where the owners want to 'upsize'....kind of a 'we'll buy yours and you buy ours', a swap if you will. There are several properties we could be interested in if 'upsizing' is the case. ( in retrospect, So many if those coming to the open houses/showings had homes to sell!!)
