1.)What are the chances I will actually find someone to swap with?
The chances will get better as more and more houses are listed. Don't forget, with the amount of money you may save on a transaction you can make the other house exactly what you want! Besides, it's just a house.....you make it a home!.
2.)How do I know what the owners of a property are looking for?
Use the form in the Contact Us tab regarding any property you are interested in (quoting the reference number) and submit any queries or offers. You never know what they may be willing to do if the deal is right!
3.) How can I save money selling my house this way?
Besides the potential for immediate gratification, in a normal sale you are always being whittled down in price.
Also, because you are buying each others house you may both agree on your full value!
You can also save on the solicitors fees, but they are professionals and may keep you out of trouble; it is a good thing to use a good solicitor to protect your interests.
4.) How do I get a deposit or closing fees out of my house equity?
By doing a simultaneous exchange of contracts. The solicitor may distribute funds out of the houses equity to be used. Keep in mind it is also wise to write in a contingency upon successful exchange of contracts on each house.
5.) Can I post my house on this site if I already have it listed with an estate agent?
Yes. You can do both at the same time. You may even use your agent to assist you with creating your Swap Your Property listing as well as assisting you in your search for a swap!
6. ) Can I post a house for sale or swap?
Absolutely! You may find someone who just has to have your house and you do not want theirs, they may buy yours and swap theirs for a rental property, who knows?
7.) Doesn't the house you are swapping with need to be equal in value?
No. You are essentially buying each others house for different prices and getting new loans on each. However, you can both agree to buy each others house at full appraisal value!
8.) Can I use my estate agent to help me?
Yes, when you have found a few houses that interest you, you can work it out with the other seller to let you and or your agent go take a look. They can help you in your decision, negotiation, and the writing of the contract at what ever commission you agree to.
9.) What if the purchaser of my home fails to exchange contracts?
You are responsible for the arrangements of any exchange.
A simultaneous exchange of contracts is recommended.
10.) What if I want to buy a new build?
You can; first you can swap by downsizing to a smaller house to use as a rental that can to obtain a positive cash flow, then get it rented and then go!
You usually have some build time to make this happen.
11.) If I put my house for swap or sale will I be bombarded by a bunch of solicitors?
SwapYourProperty.co.uk uses a middleman system to keep communication between members only, and your personal contact information will not be shared without your consent. All communication between members is at the user's own risk.
12.) How do I know what to do once I've found a house that I would like to swap for purchase?
Use the Contact Us tab to the right of the page quoting the reference number and any details to forward to the vendor.
13.) What if I have bad credit already? How can I use this site?
If you downsize to release some equity in your home, especially if you cut out fees and get full value for your house. Based on your foreknowledge of how much you will be getting back in equity, use those funds as down payment on the new house. i.e. You have a £200,000 house and you want to get a £125,000 house. If you have bad credit and are putting £15,000 or so down on that £125,000 house you may be surprised at what a bank may be willing to do! You may also have your spouse or someone else to buy the new house.
14.) Can I work a three way trade? I found someone who wants my house on this site, but I really need to move to another area... What do I do?
You and the person who wants your house may find someone in the area you need to move to that may want the people's house who wants yours. Structure a three way deal where it is a contingent sale upon all parties involved exchanging contracts. See how your solicitors or agents may be able to work this out.
Again a simultaneous close through the same solicitors is recommended.
15.) Can I post more than one house?
Yes, but the same fees apply for each house.
16.) Can I post a house that has tenants in it?
Yes. You will have to tell the person who you are trying to swap with as they may need somewhere to live, or work out a delayed exchange of contracts or move in date.