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Many are swapping homes instead of selling them
By
Christina Hernandez, WINK News
Story Created:
Mar 5, 2009 at 8:37 PM EDT
Story Updated:
Mar 6, 2009 at 2:32 PM EDT
FORT MYERS, Fla. - Some people are turning to creative ways to get out of their homes. Many are logging on-line not to sell their home, but to swap it for another one.
Homeowners are actually trading properties and some are taking over each others mortgages permanently. WINK News caught up with one man hoping to swap his home, instead of waiting around to sell it.
"I have what what they want and they have what I want, so why not get together?" Steve Loffreno said.
It's that out of the box thinking that has Loffreno, and thousands of others, logging on-line and searching for a swap.
"Rather than putting it on the market and waiting for a buyer, I will put an ad out there on Craigslist or other web sites and ask people - What do you have to trade me?"
Loffreno likes the trading technique, because he says it gives him more options. Since he's listed his Fort Myers home, he's heard quite the offers.
One person wanted to trade their boat.
Loffreno responded, "Which I can't use the fishing boat, so I didn't take that one up."
Another man wanted to downsize from his farm.
"A guy recently offered me a lobster farm in LaBelle, but I don't know anything about lobster and it's too far away," Loffreno said.
While this method may work for some, it may not be possible for others in Southwest Florida. Real estate agents say more clients are asking about exchanges, but if a homeowner is having problems paying their mortgage, then a trade may not be possible. Luckily for Loffreno, his home is paid off.
"That's what a trade is all about - trading equity for equity."
Real estate agents say people should be cautious about their expectations. A lot of people are never matched because it is difficult to find someone who wants exactly what you have to offer and vise-versa.