not sure if this is a silly question

I have a home in Old Greenwich, CT and would possibly like to trade up to perhaps a newer home that a developer is having trouble selling either in Greenwich or in Fairfield, CT.  I would like to arrange some sort of trade with the developer and if his house appraises for more I would simply get a mortgage for the difference.  Is this at all possible or am I just dreaming?  If it is possible, how would I possibly go about trying to arrange this with a devoloper?
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January 22 2009 - Fairfield
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Answers (9)

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Profile picture for Horcos
Hi Georgia,
It never hurts to ask!  However, keep in mind that in this economy many of the developers are hurting financially.  They may prefer getting cashed out rather than trading for another property that they inturn would need to sell.  On the other hand, it might be possible, if the developer is willing.
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January 22 2009
thanks everyone.  i'll attempt to contact the listing agent and see if they can help me with my idea.  wish me luck!
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January 22 2009
Profile picture for Matt Laricy
No question is ever a stupid question!
However, why dont you try contacting the developer. I dont really see him going through with it, but it doesnt cost you anything to find out!
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January 22 2009
Profile picture for dfors2
I would talk to the builder or his/her listing agent.  If you get your realtor involved they will try to get a 6% commish on buying and selling.  You are the one coming up with the idea so why should you pay all that money.
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January 22 2009
I did contact my real estate agent (the woman who sold me my house 6 years ago) and put the question to her without any response. 
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January 22 2009
I did contact my real estate agent (the woman who sold me my house 6 years ago) and put the question to her without any response.
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January 22 2009
Profile picture for dfors2
Trading up is a real possibility in this market depending on how much you are trading up.  I would call the listing agent and run it by her/him.  Be ready with what your house would cost and what you would be willing to pay for the newer home.  You will likely need to offer full price.  Your purchase at full price would be the new comp and would help remaining sales.
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January 22 2009
Profile picture for Horcos
I would suggest contacting a Real Estate Agent.  Look on the Zillow Directory for your area.
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January 22 2009
Thank you Horcos for responding.  How would I get in contact with one of these developers?  Would a real estate agent be able to assist me?  I realize the developers are hurting as well which is why I think it makes sense to do some sort of trade.  My house is in a great area and is in pretty good condition.  They could take this time in a down market to fix it up and then perhaps sell it when the market improves a bit.  I think it would be a win win for both of us - I would get a newer house that I want without going through the hassle of having to sell it, they get to get a house they've been trying to sell off of their books and can make perhaps more money off of mine when the market improves.  It makes sense to me but I'm just not sure exactly how to best go about it.
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January 22 2009
 

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