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If you owe more money in your mortgage than the worth of your house, you will have to pay the lender the difference. You cannot pass on your debt to another buyer, just like a traditional deal. It may also work if the lender accepts a short sale.
This can leave you with limited options. Not all sellers are open to trading their homes, which is why you will have to look for the right kind of buyer. You have to make sure that the trade you are making is equal. There can be other assets like boats or cars involved in the deal or some additional money. The deal has to be even and fair. This is why you need to make sure that both parties get a fresh appraisal of the house they intend to trade.
If you decide that swapping houses instead of selling is a good idea, you should make sure that you do your research before getting into such a trade. There are plenty of online sources and websites where you can find the right kind of trades. You should also consider hiring a lawyer who can help you write the contract so that there are no issues later on. Switch skin.
Search Search for: Search. Add to Collection Add new or search Public collection title. In terms of taxes, Stamp Duty used to be only charged on the difference in value between two properties, but HMRC changed the rules four years ago, so Stamp Duty is now due on the market value of both properties.
Ray Boulger, senior mortgage technical manager at mortgage broker John Charcol, says a house swap is no different to any other purchase. This is particularly the case if a property is not being purchased at market value, advises Dilpreet Bhagrath, customer experience manager for online broker Trussle.
Yet if you can find a suitable exchange, it may be a quicker and cheaper way to move than using the open market. Do you want to comment on this article? Our goal is to give you the best advice to help you make smart personal finance decisions.
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While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. After spending two years trying to sell her Florida home, Pam Farley decided it was time for a new strategy. She quit looking for a buyer and went after sellers who were interested in trading homes with her. A few months later, she signed the closing documents and swapped her house in Sarasota for a house in New Mexico.
Since the housing market tanked, homeowners wishing to upgrade to bigger homes, downsize or relocate have become more open to the idea of making a home swap, says Sergei Naumov, CEO of GoSwap. Naumov founded the website where owners list properties, ranging from real estate to cars, for trade. Since it was founded in , the site has grown from a few dozen users to about 36, active registered traders and has 60, to 80, visitors a month.
In addition to other similar sites, many homeowners also list house swap deals on Craigslist. The house-swap strategy had long been used by owners of vacation homes who often trade temporarily.
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