No, I don't mean the show "Trading Spaces" & I'm not talking about trading homes on a temporary basis for vacation.
We're in Florida and we have a modest house in a decent neighborhood, but we want to move up north, either OR, WA, or NC. The market is in a funk right now & it's tough to sell, so I was wondering if I'm just nuts or is it possible to trade homes (permanently) with someone who wants to move down here? I don't even know if it's possible, but I know a bit about buying & selling homes, and if it's like any other "sales contract" as long as both buyers agree, then there's taxes & such to work out, but that's it isnt it?
Here's what I'm thinking, say someone in NC wants to move to FL, we both have comparable houses, we both get appraisals, whoever comes in higher, the other pays the difference, they both go to each others closings & viola! Switcheroo!
I've searched high & low on the net & found nothing, maybe I should ask a realtor.
Great idea though isn't it?
2006-09-15 15:32:29 · 9 answers · asked by ? 2 in Business & Finance ➔ Renting & Real Estate
I looked up 1031 exchanges, but it seems to deal mostly with commercial real estate. Are there any sites with listings?
2006-09-15 16:38:45 · update #1
Yes it is possible. All it takes is a contract and a capable title/closing company. May make sense to involve an attorney, but it actually shouldn't be that complicated.
Also, 1031 exchanges may often involve commercial property, but do not have to. You could exchange the gains from the sale of a SFH for land, or a ground lease, or 2 buildings, or whatever. The only reason I could see to use a 1031 exchange for the type of transaction you want, is if the gains on the "sale" were over the homestead exemption limits ($250k for singles and $500k for couples) for (capital gains) tax-free sale of your personal residence.
Good luck.
2006-09-16 01:15:13 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I've been on http://www.caretotrade.com, a new trading site where people look to swap different things. They actually have a real estate category with some homes. There's a number of ads from Florida (generally), and its free, so you might want to try making an ad there for what you're looking to do. Good luck!
2006-09-17 06:24:23 · answer #2 · answered by whoawhoawhoa 3 · 0⤊ 0⤋
Yes, it is done all the time. There are even companies out there that help you locate someone to swap with. You're looking for something called a "1031 Exchange".
Regards
2006-09-15 15:43:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Anything Is Possible,With The Proper Contract
2006-09-15 15:43:18 · answer #4 · answered by Anonymous · 0⤊ 0⤋
i dont' know if it works from one end of the country to the other, but a physician friend of mine and his neighbor a few houses down have traded homes within the same neighborhood. the physician needed a bigger home on the lake front and his neighbor wanted a smaller home away from the bustle of the lake. their price ranges were basically the same. they both had attorneys and are in the process of "house swapping" now. hope this helps!
2006-09-15 15:41:30 · answer #5 · answered by clyde0523 3 · 0⤊ 0⤋
For this to work, I would recommend posting your desire on craig's list and every other place ou can find in those areas - that's the most likely way to make it happen. If you involve real estate agents, they will want a 6% commission on each house - yikes!
2006-09-15 15:35:44 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes that is a Great Idea...Only if it could be true lol.Good Luck
2006-09-15 15:36:24 · answer #7 · answered by sugarbdp1 6 · 0⤊ 0⤋
a guy walks right into a bar, seems around, then heads as we communicate to a sales area contained in the nook the place there sits the only different shopper contained in the bar. "would i purchase you a bottle of beer?" he asks. "of course! take a seat" the guy solutions. They order and initiate ingesting. the 1st guy says "i could no longer help noticin' your accessory? the place are ye from?" "eire," the different shopper replies. "properly, i would be! i'm from eire too! enable's drink to that!" and that they the two drink. Then the guy asks, "the place in eire, if i'd ask?" "Dublin," the different guy responds. "Begorrah!" the 1st guy exclaims. "i'm from Dublin myself! enable's drink to that!" and that they the two drink. "Now you have have been given me interest up," the 1st guy says. "the place did you pass to extreme college?" "St. Mary's," the 2nd guy mentioned. "I graduated in 'sixty two." "it relatively is surprising! I graduated from St. Mary's in 'sixty two to boot! enable's drink to that!" and that they the two drink. yet another shopper walks into the bar, heads to the counter and asks the bartender, "what's up, Bob?" "no longer a lot," the bartender replies. "different than that the O'Riley twins are inebriated back."
2016-10-01 00:26:24 · answer #8 · answered by Anonymous · 0⤊ 0⤋
no
2006-09-15 15:34:25 · answer #9 · answered by India™ 2 · 0⤊ 0⤋