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Is this ever done? There's a house we like that has been on and off the market for a few years. It was leased for a while then put back up for-sale a few months ago by the mortgage company that owns it. I think they foreclosed but I'm not sure. It's very contemporary and needs some work but the "bones" are good and it's in a great neighborhood. We toured it last year and really liked it but it's not "traditional" in design - that's probably why it hasn't sold. Anyway, I was wondering if there was a way to trade equities with a seller and, essentially, trade houses. We have a nice home in a good neighborhood not too far from this house, which would be easier to sell (I think). If we swapped houses and added some cash to the deal, then we'd have the house we like and they'd still have a house to sell but one with more market appeal and saleability. And the good thing would be that we'd not have to list our house and try to sell it in order to buy the other.
Am I dreaming or is this ever done? We'd have to talk to the sellers and have them agree, of course, but I'm curious to hear if others have ever done this? Thanks!
kt2le, if the Mortgage company owns it (meaning they have foreclosed) then they are not likely to do a deal like that with you. They are pretty strict about what they will and won't do. and most won't accept a contingent contract either.... Have your agent (get one) call their agent and find out the story and who "owns" the property currently.
Interesting proposal, I wonder what a QI would say? You might try contacting the folks at Orexco and see what their take would be. It sounds like you want to do an exchange and a Qualified Intermediary would be the person to talk to....they're the experts.
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