Profile picture for kriddell

are there strategies to trade homes locally without huge costs beyond refinancing?

  • January 21 2010 - Everett
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Answers (4)

Profile picture for nwhome.us
How do you plan to determine whether you will saving those costs (commissions) in your transaction?  Because the line item won't be there?
The question most sellers ask themselves is: how can I net the most value from my home?
The question that most buyers ask is:  how do I get the best value for my new home?
I don't think that eliminating a line item of cost necessarily achieves either of those goals.  It completely ignores both the market analysis and negotiating skills that some agents possess.  That, in addition to the awareness of the changes in both lending and real estate law that most agents know something about.  In addition to the 3rd party perspective and support that some agents can give......
There is no law that requires a licensed real estate agent to be part of any transaction.  An alternative is to use a real estate attorney.  Most RE agents know a number of them.  They simply charge you their hourly rate to review an agreement to purchase.  They will do nothing to help you get that agreement closed and recorded unless you continue to pay their hourly fee.  I ususally figure that getting a signed agreement means that the process is about 50% complete.  Getting it closed is no small task.
  • January 22 2010
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Profile picture for kriddell
I am wondering specifically about saving realtor fees on either end of the transaction. ( 3% or whatever they end up charging.)
I guess findnig private sales and selling privately is the only way to save those costs. Correct?
  • January 22 2010
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I agree with NWHome.us. To my knowledge there are no strategies you can use to "trade" ( I think you mean EXCHANGE) homes locally.
The State will not exempt a "trade" from payment of excise tax or any other local county tax or recording fees if the property is not an arms length transaction.
  • January 22 2010
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Profile picture for nwhome.us
I haven't seen any.......
There are frequently buy-out strategies in real estate partnerships.  These can be pretty specific in terms of establishing value for the 2 parties.
The costs, however, would still include all of the typical closing costs (escrow, title, fees and taxes(?))
Commercial properties are exchanged in a 1031 process.  You might talk to one of the 1031 Exchange Facilitators and see how it might work for primary residences.
  • January 21 2010
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