Trading Spaces, pt. 2

On Monday, we discussed an incentive that builders rarely used in the past, but are employing more and more: the trade-in. It is something like when you really want or need a new car and are willing to hand it over to the dealer for a low price.

Trading in or selling your home to a builder in exchange for a new one is a deal that is sealed at a simultaneous closing." So you sign papers to sell the builder your old home and sign papers to buy a new one from them at the same time.

As with any real estate deal, you should do your homework and work with a competent real estate professional if you want to trade in your home. Be certain that the price being offered as part of the trade is something you can live with. Make sure you know what your home is truly worth on the market and be wary if they offer to take it off of your hands for a price that is extremely low. If the builder wants you to use a certain financial institution, check out the costs of the loan and look for any hidden fees.

Trading Spaces, pt. 1

For anyone who is contemplating a new home purchase, the thought to having to carry two mortgages at once is quite daunting. This is why some builders are offering to let home buyers trade-in their former homes. Builders realize that although you may be in a position to buy the home they've recently built, you may be not be able to do so if you cannot sell your current home in this market.

Most often, a builder will agree to buy your home for a specified price once you close on a home they've built or sign a contract to have them build you a new home.

You should know that trade-in incentives for home sales aren't standard practice. But in these uneasy economic times, people are getting very creative.

You should also know that when you agree to let a builder buy your home, the price you'll have to agree to may be less than ideal. At the same time, some buyers are willing to take the guarantee of a (most likely) lower price if they have spent or foresee spending months being unable to sell their home.

Build Your Dream Home on This Gorgeous Lot in Lothian, Maryland

It's time to make all your dreams come true! This beautiful 11-acre lot in the heart of charming Lothian, Maryland is the perfect setting for the home you've always dreamed of building. Set amid the scenic rolling hills of southern Anne Arundel County, this property backs up to lush, green woods and is totally surrounded by horse country. AND you're only a short hop from all the excitement and cultural attractions of Washington DC.

Located at 204 Marlboro Road in Lothian, Maryland, the site is ready to build. The building permit is already approved and in hand and house plans are available. The site is zoned RA (residential/agricultural) so bring the horses and animals.

This is your opportunity to design and build the home of your dreams. The setting is beautiful, serene and very private, and only a short drive from the excitement and power of Washington. Click the post title for more information. Click here for an aerial image of the lot and surrounding area on MapQuest. In the upper right hand corner of the MapQuest map, you'll find a button to toggle to a street map view to help orient yourself.

To view this exceptional property, call veteran realtor John Day. A top agent with prestigious Long & Foster Realtors, John knows all the ins and outs of buying property and building in Maryland. Visit John's Homes Buy Day website to view all the newest listings in Maryland and the Washington DC metro area. If you're buying or selling a home, John Day is your key to success.