Housing

Frustrated Home Sellers Settling For House Swap

(WCCO) In the past, people have swapped homes for vacation. But, how about switching houses with a stranger for good? Some local homeowners are giving it a try.

Tom Fellerer loves his family friendly neighborhood.

"I have a fenced-in back yard, trail system with parks and ponds literally right out the back door," said Fellerer.

There's only one problem: it's in Ramsey.

"Daycare's in St. Paul, school's in St. Paul, my wife works near St. Paul. We're trying to cut three, four hours a day of driving out of our life," said Fellerer.

The Fellerers thought about selling their four bedroom home and buying one in St. Paul. He saw other homes in the neighborhood dropping in price and sitting on the market for months without any interest from buyers.

He was told the home he bought for about $320,000 three and half years ago would probably sell for $250,000 - 260,000.

Fellerer heard about house swapping ads on Craigslist.

"So people were swapping. 'Hey I wanna move here, you wanna move here. Why don't we just switch houses?'" he said.

He plans on getting a realtor or lawyer involved for the sale and plans on thoroughly checking out a prospective swap partner and the home. He added that he doesn't see too much of a risk by posting the free ad.

"I think you have to get creative. It's not as easy as it used to be. People are looking for alternatives to get what they want," explained Fellerer.

He has only had the swap advertised on Craigslist for a week and a half, so he hasn't had any inquiries yet.

Another homeowner that spoke to WCCO is trying to swap her Eden Prairie townhome for a house in the South Metro. She got involved with a three-way swap that eventually fell through since the buyer of her home wanted to rent it out and the association didn't allow that.

Just like any real estate transaction, things can get complicated and its best for both buyer and seller to beware.

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