How exactly does home swapping work?
Home swapping helps bring buyers and sellers together. In today's real estate market a lot of people are trying to sell their homes but are having trouble finding buyers. In home swapping, two people who are both trying to sell their homes decide to buy each other's home. The transaction is closed as a normal real estate sales transaction.
Can I swap homes if I am currently behind on my mortgages or foreclosure?
You may want to consult with an attorney, but in most cases, Yes. Please keep in mind that you will need to qualify for the purchase of the new home and in addition any mortgage on your home will need to be satisfied in order to close the transaction. If you are behind on your mortgage and need help, please make sure to check out our mortgage help information.
Do I need good credit to qualify for a home swap.
Yes and No. In a home swap you do not need to qualify for the home loan on the home you are purchasing. If you are a cash buyer, credit will not be an issue, however, in today's world of sky high real estate prices few people are cash buyers. Before you list your home for swap, you will want to make sure you will be able to get qualified for a new purchase. Please consult our mortgage info section to look into your options. If you find out you do not qualify for a mortgage, swapping will not work for you but remember you can still list your home for sale or rent in our database.
Do I need to use a realtor to home swap?
No, you do not need to use a realtor, and this is a matter of personal preference. There are many people who are skilled and well researched in home sales who complete transactions smoothly without realtors. Keep in mind though, if you are not familiar with the process, hiring a realtor may be a great option. There are a TON of benefits for using a realtor. You can read more info about this in our Find a Home section.
Does home swapping really work?
Yes it does. In fact on April 25th, the reputable CNNMoney.com posted an article recommending home swapping. You can find the article here.
Do you have a question?
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