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The Godfather

Platinum Member
Jan 13, 2005
2,158
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Hi. I live in Georgia and I was just wondering is there a way to exchange/release the house you live in currently, for another one. Or what are my possibilities with the bank on releasing this house from me. As in for people who now find it an inconvenience to live in the area, pay the rent, or other issues that might restrain them from keeping the house they bought. I bought this house over a year and a half ago.

Any ideas?

I am really sick of this house and I wish to move, I just need to know my options.

Thanks in advance.
 
SearchMaster

SearchMaster

Diamond Member
Jun 6, 2002
7,791
114
106
Originally posted by: Capt Caveman
You sell it. Pay-off your mortgage. Move on.
Click to expand...

Pretty much. It is *possible* to trade it for another property in theory but in practice it's just selling it and assuming a mortgage on the new house. Certainly more complicated since you don't own the property outright.
 
FoBoT

FoBoT

No Lifer
Apr 30, 2001
63,084
15
81
fobot.com
you have to sell it
you probably won't get as much as you paid 1.5 years ago

welcome to the recession/burst housing bubble


joking aside, you should really just wait this out, don't sell/move right now if you have any other options

being "sick of this house" is probably not a good enough reason if you are being rational
 
D

DrVos

Golden Member
Jan 31, 2002
1,085
0
0
You might check out Craigslist and see if anyone is interested in a housing swap in your area. Essentially, you trade homes temporarily while continuing payments on your own property. What is the issue with your current living situation? Affordability? Location? The house itself?
 
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slsmnaz

Diamond Member
Mar 13, 2005
4,016
1
0
Originally posted by: Capt Caveman
You sell it. Pay-off your mortgage. Move on.
Click to expand...

yep. Not really sure what other options the OP's thinking are available

 
iamwiz82

iamwiz82

Lifer
Jan 10, 2001
30,772
13
81
Originally posted by: slsmnaz
Originally posted by: Capt Caveman
You sell it. Pay-off your mortgage. Move on.
Click to expand...

yep. Not really sure what other options the OP's thinking are available
Click to expand...

You cannot just tell the mortgage lender "Nevermind, I don't want it, let's trade back?"

:(
 
M

Mxylplyx

Diamond Member
Mar 21, 2007
4,197
101
106
Any deal for an exchange will make no difference to the banks or title company. It will be handled as a sale and a subsequent purchase. You will pay all title fees, closing costs, etc when you "buy" the new house, and originate a new loan.
 
M

Mr Pickles

Diamond Member
Feb 24, 2006
4,103
1
0
Originally posted by: Mxylplyx
Any deal for an exchange will make no difference to the banks or title company. It will be handled as a sale and a subsequent purchase. You will pay all title fees, closing costs, etc when you "buy" the new house, and originate a new loan.
Click to expand...

Yeah, a trade would be dealt with the same way a sell\buy would be dealt with. It will probably be harder to find as well. Odds are you aren't going to randomly stumble across someone that lives in a place that you like that also likes your house just as well and is willing to settle for the same price between the two houses. Cmon...
 
shiner

shiner

Lifer
Jul 18, 2000
17,112
1
0
Originally posted by: The Godfather
Hi. I live in Georgia and I was just wondering is there a way to exchange/release the house you live in currently, for another one. Or what are my possibilities with the bank on releasing this house from me. As in for people who now find it an inconvenience to live in the area, pay the rent, or other issues that might restrain them from keeping the house they bought. I bought this house over a year and a half ago.

Any ideas?

I am really sick of this house and I wish to move, I just need to know my options.

Thanks in advance.
Click to expand...

I'm not sure anyone who lacks even a basic level of understanding concerning real estate should own a house.

 
shiner

shiner

Lifer
Jul 18, 2000
17,112
1
0
Originally posted by: mugs
:confused:
Click to expand...


I think he's asking for a do over.

You know...he was the kind of kid that always wanted to come over to your house when your friends where there, but when the game of hide -n- seek, capture the fort, king of the mountain, etc....started going badly for him he would start screaming DO OVER! DO OVER! DO OVER!! until you and your friends finally got sick of him and beat the snot out of him.

Of course he came back again the next day. His kind never seem to get the message.
 
jupiter57

jupiter57

Diamond Member
Nov 18, 2001
4,600
3
71
Originally posted by: mugs
:confused:
Click to expand...

Oh yes!
Surely you can trade a dilapidated house in a bad neighborhood for a nicer house in a better neighborhood!

People do this all the time.

Don't they?
 
spacejamz

spacejamz

Lifer
Mar 31, 2003
10,965
1,673
126
Originally posted by: The Godfather
Hi. I live in Georgia and I was just wondering is there a way to exchange/release the house you live in currently, for another one. Or what are my possibilities with the bank on releasing this house from me. As in for people who now find it an inconvenience to live in the area, pay the rent, or other issues that might restrain them from keeping the house they bought. I bought this house over a year and a half ago.

Any ideas?

I am really sick of this house and I wish to move, I just need to know my options.

Thanks in advance.
Click to expand...

when you bought your house, do you remember signing all of that paperwork when you closed? you do that again after you find a buyer for your existing house.

the simple answer to your question is to talk to a realtor.
 
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