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Presently Program is Not Available!!!

Trade-Up Your San Diego Home


We might be willing to take your home in trade.

Requirements: You are trading up in value & we have surplus inventory.

What could be nicer than eliminating the need for you to sell your home before you could buy.   You wouldn't have to deal with the showings, there wouldn't be concern about whether it would sell in time, the issues regarding possession and possibly having to move twice.  There wouldn't be the need to find a realtor and go through the process of listing your home.  It can all be done in one step.

Here's how it would work...

First you would need to identify the home, townhouse, or condo you want to purchase from us so we can establish the purchase price, and write up the earnest money agreement which would be contingent on us purchasing your home.

Second, we need to set the market value for your home.   This would be done by evaluating some comps in the area, ordering an appraisal, county assessment, or a combination of the three.  We would need to inspect the home and come to a mutual agreement with you about the price.

Third, we would take the value that we placed on your home and subtract any loan balance remaining, and then we would subtract a 10% resale cost (we will have to pay 6% commission when we sell your home, and approximately 3% in real estate excise tax, escrow fees, & title insurance.  These are all fees you would incur selling the home yourself.)  What is left is your equity and this is the amount that would be credited toward the purchase of the new home.

The transactions would be contingent on obtaining financing for both transactions unless there was sufficient equity.


Here is an example:  (This is only an estimate, buyer should consult a lender for his/her actual closing costs.)

John Smith wants to purchase a townhouse for $140,000.  He has a home with a loan balance of $56,000 and we have together established the home to be worth $120,000.

Credit to Smith Charge to Smith
New townhouse $140,000
Home trade $120,000
Resale costs (10%) $12,000
Remaining loan balance $56,000
Balance $120,000 $208,00

After subtracting the credits to Smith from his charges we come up with $88,000 still owed by Smith.  He  will need to get a new loan on the townhouse of approximately $88,000.  If he wants to pull some cash out he will need to increase the amount of the new loan he obtains.

After the loan is obtained there will be a simultaneous closing of the two properties.

*Prices, fees, & credits are an estimation only and are subject to change without notice.

 

 

 

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CA DRE # 479003
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  San Diego, CA 92109 858-272-5510 858-272-6135