SWAPPING HOUSES, A CONCEPT THAT WORKS IN HARTFORD AND EAST HARTFORD

“Swapping Houses, A Concept That Works in Hartford and East Hartford”

After reading this article I am realizing this happens more than I thought. I am working with two clients right now that are working to put an exchange together. Barbara owns a home that is in Hartford, CT, that is much too big for her. She has had the property on the market for over a year and wants to downsize. She recently posted an ad on Craig’s list.

A couple from West Hartford, CT, responded to the ad. They indicated, that Hartford wasn’t their first choice, but they went to see the property anyway, guess what, they fell in love with the home. In the discussion with the seller, they indicated they would be interested in purchasing the home, if they could sell their condo. Condo, she wanted to know about the condo. She decided to look at the condo, which was much smaller than her house and would work.

I had originally done the mortgage for the couple that owned the West Hartford condo. They called me, asked if I would meet with all of them to see if an exchange was possible. To me this sounded like a marriage made in heaven.

The owner of the home in East Hartford had a $61,000 mortgage remaining. She was asking $170,000 for the property. The West Hartford condo had a $124,000 mortgage and they estimated the valued at $140,000. They all had a difficult time understanding how an exchange was possible. I explained to all of them, let’s think about it this way. I’ll buy your house for $170,000 if you buy our condo for $140,000. Once I explained it that way, the lights went on.

They each have their attorney’s doing the purchase agreements, once those are done, I’ll do the mortgage for each of them. Certainly a situation where both parties got what they wanted and needed.

Danbury Neighbors Swap Houses

Associated Press

At first, it was just something they joked about. Danbury residents Tosha and Michael Gordon needed a bigger house to raise their family, while neighbor Rachel Williams - who lived across the street - was looking to downsize.

Then Williams' real estate agent, Matt Rose, suggested the neighbors trade homes.

"[Rose] knew us," said Tosha Gordon. "We did need more room; we have three kids and one bathroom. But we weren't looking, because the market was so bad. We thought maybe we'd do an addition down the road. We didn't have plans to go anywhere any time soon. That's the crazy thing about this for us."

Back in August, swapping homes was just a wisp of an idea, floating on the embers of a neighborhood fire pit.

"We had a bonfire outside our house during the weeklong power outage in August when (tropical storm) Irene came through," Gordon said. "Rachel and Mike and I were joking about swapping houses. My husband said, `You'll need to redo the bathroom here!' We didn't take it seriously at all."

Williams, though, was serious about downsizing. Her husband passed away in 2010, and "it was getting to be a real hassle to take care of everything" in her four-bedroom ranch, she said.

In the aftermath of Irene, the Gordons' fire pit became a gathering place.

"Our neighborhood is really nice," Williams said, recalling chats around the bonfire, and neighbors who helped her have a tag sale.

"We had no power (after Irene) for seven or eight days," she added. "After that I said I just can't do this house anymore. Then when October came and we had all that snow, I was ready to scream!"

Williams, whose daughter Sara, 26, lives with her and is pursuing a master's degree, said she and the Gordons had actually joked about swapping houses earlier.

The Gordons have three young boys: Liam, 7; Colin, 5; and Owen, 22 months. And they weren't getting smaller. When Rachel's husband had been outside mowing, the Gordons would say "You don't need that big house!"

"Well, you've got to buy it from us!" came the reply.

Williams said she enjoys fixing things and that her brother is in construction. When she began house hunting with Rose, she looked at several fixer-uppers.

Unfortunately, it seemed everything would cost more to renovate than it was worth.
Still, she was determined to move. In early October she told the Gordons she was putting her house on the market.

"We were going to lose our neighbor," Tosha Gordon said sadly. "I knew it was a hard decision to leave, and I'd said to her if it's meant to be it will go smoothly and you'll know it was right."

It was at that point that the Gordons called Rose to find out the listing price. Then they invited Williams over.

"She'd been to our house, but not for a tour," Gordon said. "We gave her a tour to see if it was doable, and she gave us a tour. A few days later we made an offer. It was totally crazy."

The hardest part, Rose said, was having to put a price on both properties. (AP)

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