Members Captain_howdy Posted September 8, 2011 Members Share Posted September 8, 2011 Say for instance, the guy I bought my house from owns 5 different houses right now, and he wants mine back.... Can I actually "trade" houses with him? How would that work? The big downside is that I got the 8K first time homebuyers tax credit and if I sell my house within 3 years of moving in, I have to pay it back. But other than that, how does it work? Is it something people normally do? Link to comment Share on other sites More sharing options...
Members MattACaster Posted September 8, 2011 Members Share Posted September 8, 2011 Don't know for sure, but I doubt it. Considering what you have to go through to get a mortgage I don't think you can just hand it to someone. Link to comment Share on other sites More sharing options...
Members ~Abstract~ Posted September 8, 2011 Members Share Posted September 8, 2011 Google "Mortgage Swap" Link to comment Share on other sites More sharing options...
Members Mesa4x12er2 Posted September 8, 2011 Members Share Posted September 8, 2011 Trading mortgages is called selling the house. Only other option I can think of is to keep the mortgage and have someone else make the payments. Link to comment Share on other sites More sharing options...
Members ~Abstract~ Posted September 8, 2011 Members Share Posted September 8, 2011 Trading mortgages is called selling the house. Link to comment Share on other sites More sharing options...
Members ~Abstract~ Posted September 8, 2011 Members Share Posted September 8, 2011 Or Home Swap...or House Swap... It's pretty common. You don't have closing costs...and there are some tax advantages. I don't think HCAF is the proper place for advice though. Link to comment Share on other sites More sharing options...
Members Cap'n Ahole Posted September 8, 2011 Members Share Posted September 8, 2011 my sis in law works for a company that DOES that. They exchange houses for people who wish to do so. Im not sure what the advantages are etc, but I guess there must be something to it. Maybe theres some info you can find from them: http://www.exchangeresources.net/ Link to comment Share on other sites More sharing options...
Members Zacman0126 Posted September 8, 2011 Members Share Posted September 8, 2011 Probably save a {censored}tonne of money ascociated with closing costs... Link to comment Share on other sites More sharing options...
Members Captain_howdy Posted September 8, 2011 Author Members Share Posted September 8, 2011 how would I pay no closing costs by swapping mortgages? Wouldn't it essentially be me getting financed for their mortgage and vice versa? Link to comment Share on other sites More sharing options...
Members Ron Burgandy Posted September 8, 2011 Members Share Posted September 8, 2011 mortgage assumption. much easier than reselling it back to him, however definitely consult with an attorney/tax professional regarding the first time home buyer credit. Link to comment Share on other sites More sharing options...
Members diddlybo Posted September 8, 2011 Members Share Posted September 8, 2011 You can do it but you'll both have to be re-approved by a lender. Link to comment Share on other sites More sharing options...
Members Dr.Picklebottom Posted September 8, 2011 Members Share Posted September 8, 2011 and theres no guarantee youll qualify for the same rate they did. Link to comment Share on other sites More sharing options...
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