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House swap? Offer? Any advice?? Please!

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  • 07-06-2010 5:53pm
    #1
    DustyMan
    Closed Accounts Posts: 214 ✭✭


    Hi all, I have a 3 bed duplex apartment in Carlow. It's 2nd hand but recently renovated. It's a nice place but .......

    I guess it's only worth maybe maybe half what I paid for it 3 years ago (if I'm lucky :-()

    It was a mistake for me to buy it really (had'nt got a crystal ball at that time). I dearly want to move back to the village I'm originally from and I know there are a LOT of new vacant houses there that can't be sold.
    My apartment is in a good location in Carlow town and I've never had a problem renting 2 of the extra rooms here. I'm pretty sure the whole place could be rented fairly easily. It's not to far from the local college here too.
    So, I was THINKING of proposing a swap deal to an auctioneer who is trying, with great difficulty to sell houses back in the village where I'm from. It's very difficult to rent homes in the village.

    Am I fooling myself? Does anyone think I could do this and what are the legal issues regarding owenership/mortgage etc etc.

    Thanks in advance for any advice/suggestions.


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    #2
    ricman
    Closed Accounts Posts: 1,559 ✭✭✭ricman


    you need a solicitor and there has to be agreement re ,is there a difference in value between house a and house b.SO it goes thru a full conveyancing procedure to transfer ownership.SO YOU MIGHT GET house b plus 40k.So you,d need your house valued.
    its not easy to do this if you still owe say 150k to the bank,ie the bank holds onto the deeds until the mortgage is paid 100 per cent .
    You could just rent out your house and rent in dublin if you don,t want to live in the country anymore.
    SAY you own the house, no loan it might be easier to just sell it and buy a smaller house in dublin,theres new apartments in dublin going for 150k with free parking.
    house swaps are usually done between 2 private owners .if you sold your gaff and put in a cash offer you d get a house in the village at a good price.its a buyers market .


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