Today, in various parts of the country, home sellers are having a difficult time moving their homes off the market as quickly as they would like to. Some areas are experiencing an overabundance of homes on the market. So, sellers are offering buyers incentives, such as paying a buyers closing costs and/or prepaids, offering painting, carpeting or remodeling allowances or throwing furniture into the sale. Some owners are agreeing to owner financing or holding the mortgage for the new buyers. But, what happens when all of these incentives still don't bring a buyer?
Well, what about house swapping?
Some homeowners are now opting to swap their property with another owner/family. These swaps are handled much in the same way as a regular sale. Appraisals, inspections, and surveys are being completed on these properties. Owners are getting mortgages to purchase their newly swapped homes. If there is a difference in value between the 2 properties, then the property of higher value is given a larger mortgage or it means more out of pocket money for that swapper.
Is house swapping just a craze? Or is it here to stay? Is it effective?