Can builders buy your current home so that you build your new home with them?

Tips and Deals Forums Buying Your Home Can builders buy your current home so that you build your new home with them?

This topic contains 7 replies, has 6 voices, and was last updated by  Anonymous 8 years, 2 months ago.

  • Author
    Posts
  • #208208

    Anonymous

    My husband and I live in a home that will only sell if we list for $40K under market value. We don’t want to sell for that low but need to sell in order to buy our dream home. If a builder could buy our current home for market value we would build with them for a house that is double the price of our current home. Thier incentive would be to make a sell on a $500k house. This happens to be in a new neighborhood where the house would be built and they still haven’t had their first buyer (homes for sale since Janurary 1st, 2007). They’re very motivated, that is why they have chosen to offer $90k in upgrades and perks.

  • #263397

    Anonymous

    Why not go to your bank or exisitng mortgage company and ask what options you have. You might have enough equity to use as a down payment while you are selling your existing house.
    Talk with them first.
    If a builder takes your home in trade you can bet that they will sell it for a nice profit and you will take a financial hit.

  • #274191

    Anonymous

    Buyer beware!

  • #275894

    Anonymous

    There is nothing that says a builder or anyone else can’t buy your home if they are ready willing and able. The drawback is would your builder be willing to take a $40K loss on your home plus have his money tied up for a period of time until it sells?

    Only your builder can answer this question.

  • #276325

    Anonymous

    NO…what’s the point? If they bought it for “full market value” and then had to turn around and sell it for 40K under market, plus realtor fees, they’re just losing all around.

    If your house would “only sell for 40K under market value” then sorry, that’s the market value of your house. That’s the friggin definition of market value– what your house will sell for on the open market.

    Why dont you just lowball your offer on the new house? You’d make up the difference and you wouldn’t be doing something weird to get the deal to work. You dont NEED the 90K in upgrades and perks so get rid of those and you’re 50K ahead of if you’d sold your house for “full market value”.

  • #439140

    Anonymous

    Its all about the goods in your house such as your television etc..
    if you want a rough idea just add up the things you would like insured at their value, Check out this site, if you want to find the cheapest home insurance just in one minute,

    Here you can get free quotes from different home insurance companies in your area, its the best way to find an afforable home insurance with a reliable company.

    Best Wishes,

  • #439141

    Anonymous

    It all depends on the value of your home as well as its contents. And whatever you do, make sure you get replacement value, this will replace an item at the price in the current market. Also,the amount of your deductible will change the premiums as well.Higher deductable = lower monthly but lower deductable = higher monthly.

  • #289643

    Anonymous

    It’s possible, but unlikely. I’ve seen it once before, but it was a small private builder selling a spec home to his church pastor.

    Your builder simply isn’t equipped to sell homes not in their development. They have sales staff they need at their own sites.

    And if they pay you market value, they’ll lose money on selling costs, so there’s no way they’d give you 100% of market value. You’d be lucky to get 90%.

    And to be perfectly frank, your statement about your prospects of selling your home just don’t add up. “will only sell if we list for $40K under market value”.

    What that really means, is that in current market conditions, your home’s actual current market value is $40K less than you wish it could be. Some homes in some areas have decreased in value. Yours sounds like it might be one of them.

You must be logged in to reply to this topic.

Register New Account
Reset Password