You Buy Mine, I'll Buy Yours
Has any builder/developer incorporated a program where someone wants your new home, but must sell their old one first? So you buy it. I'll be building a lot of houses, and want things to move fast. I'd appreciate any experiences with this.
Years ago, I wanted to move from one side of town to the other. Went looking at homes offered by investors, and found a house I liked. We "swaped" houses, both got what we wanted. Worked well. I realize their house must be a good formula I can live with. But I figure I'll get some good deals and probably close more houses.
Thanks!
If your the builder and you buy their existing home to purchase your new home works great.....
Just a thought......
If you plan on selling their home how are you going to sell it if they can't?
Mike
I don't figure to advertise "guaranteed we'll buy your home" (but I might!) but look at each deal individually. What I see in building new homes is often folks would like a new one, but don't want to go through the hassle of selling theirs while they have a contingency with me. And I'm not real fond of contingencies when the house isn't finished any they want to pick their colors. So I figure we swap, I prequalify them with my mortgage program, work out a deal with them on their house (e.g., wrap-around, refi, balloon, etc.) and maybe I'll put it on the market if the numbers are right, or rent it out. I'm in a military area with large rent fees, so certain times of the year this will work well. It may not actually be a matter of they "can't" sell their house, as it is they don't want to take the time to and I don't want to wait on them to.
Thanks for the replies!
If this approach to moving property/units is working for you, then “why not?” You could always bird dog the ‘old’ property if the numbers are attractive. Our only concern would arise in how motivated the seller to sustain an investor profit. Maybe this swap across town suggestion to sellers or buyers will work with a few tweaks.
Eric & Rosa
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