Permanent Home Exchange
The recent troubles in the housing market have left many people stuck
. It has affected every aspect of home ownership, from top to bottom. Lending institutions are having a hard time dealing with the problems that were created when the bubble burst, property sales and management companies such as real estate agencies cant move their commodities in a frozen market, and the homeowners themselves are left with few options while interest rates fluctuate in an indeterminate way.The result is a stagnant market, and the homeowner is the one who ultimately pays the highest price. A house that wont sell is only worth the value of the equity, which is constantly affected by inflation. Consequently, those who put their house on the market have been waiting and waiting and waiting, hoping that one special buyer will take a real interest and follow through on a deal. Yet there is a new reason to hope: a permanent home exchange.
A permanent home exchange is a very real and practical way for homeowners to get on with their lives. Its also a way for realtors to actually move some product and clear their registers. Permanent home exchange can also re-open the market to investors who have been unable or unwilling to find safe property investment opportunities, which has always been a very important part of the housing market overall. It may seem like its too good to be true, especially with the loss of confidence that has been such a negative aspect throughout the recent real estate debacle.
The concept is actually a very simple one. In fact, its based on the good old-fashioned idea of barter. One person has something of value and wants to trade it for something else of equal value. Another person has something they would like to obtain, using something of value that they have. The two meet, size up the others property, and come to an agreement. Permanent home exchange really is that simple, at its core. The only difference is in the paperwork, and that can also be a simple matter if handled appropriately.
In the most basic of terms, a permanent home exchange requires only that each party in the transaction creates an escrow account for their property as a seller, and also enters a transaction as a buyer. So it is two separate transactions, yet the same two parties are involved in both. The best exchange will include the paying off of both mortgages, ideally using the same title company, and will have both deals closing on the same day. In this way, neither party will be without a home, and both dockets will be free and clear so that everyone can start their new life in their new home.
This can be done by the individuals themselves, but there are companies that are experienced in handling this new type of real estate transaction. Many are online and ready to help people swap their homes without worrying about losing equity or cash. Its the best of all possible worlds, and is here today.
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