Trading Property

Since times are tough for Sellers, we are all challenging ourselves to come up with creative ways to sell. So many sellers here have their homes listed so they can buy something else here on the Island. They may want to upgrade, or on the opposite end of the spectrum, they may want to downsize. So with all of the available properties to consider today - why not trade?
For example, let's say the Smiths have their home listed for $500K. They have had a third child and have grown out of their home, but they bought in 2001 and need to pull their equity out of their current home before they can pay cash for a homesite to build their dream home. Then we have the Joneses who are a young couple just starting out by renting here after purchasing a lot. They realized it was going to cost them too much to build the house they want. They just can't afford it, so they have their homesite listed for sale. This would be the ideal scenario for a trade. Whatever your goal is in selling - there may be another seller out there who wants your property.
We have clients that want to move from a home to a condo and vice-versa, move from Daniel Island Park to the south end and vice-versa; there are just so many possibilities to consider.
So how does this operate contractually? Write up two contracts and have two closings - contingent on the other property being conveyed to the new owner. An attorney can also help prepare an addendum breaking down how the properties will be purchased and where the proceeds will come from to make sure all parties are protected.
This is just another way to think "outside the box" to be able to take advantage of today's market of incredible opportunities.