'Swap' your property

LAS VEGAS -- Swapee.com, a marketplace for home owners who seek to simultaneously sell a home and purchase another home, launched this week during the National Association of Realtors conference.

"Many people are not buying homes today because they can’t sell theirs. This means that the majority of the buyers out there are also sellers and can’t purchase a property until their current property is sold," according to the Swapee Web site. "The concept is simple. With Swapee you now have an online match service of real estate. Real estate owners may now trade their property for others that fit their criteria."

Josh Call, a real estate broker in Gilbert, Ariz., who created the site, said that the site will enable real estate agents to place contingencies in sale contracts to simultaneously close on the same date. He also said that real estate agents participating in the deals have the potential to double their commission income by working in both the sale and purchase transaction in a property "swap."

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