Let's Trade Places . . .

(Central Kentucky Division) We'll help make your move to a brand new Ball Home as easy as possible by taking your current home in trade.  Trading in your current home can eliminate the hassles and expense of showings, contract negotiations, and advertising. Avoid moving twice by closing on the trade of your current home the same day you close on the purchase of your new Ball Home.  

What kind of homes may be eligible to be traded in?
Homes in the Central Kentucky area that have an estimated market value of $180,000 or less. The program is currently not offered in the Louisville area or in Frankfort, except in cases where the proposed trade property is located in an eligible part of Central Kentucky.  We typically consider trades of properties in Fayette County and in the non-rural areas of Scott, Woodford, Jessamine, and occasionally Madison Counties. 

How does the process work?
An upfront application fee of $125 is paid by the owner of the prospective trade property, which is not refundable.  Properties then are subject to an initial evaluation by a Milestone Realty Consultants agent on behalf of Ball Homes to assess the probable market value, condition, and eligibility of the proposed trade home.  If the home is determined to be eligible for a trade,  Ball Homes will make an offer for the property.  If an agreement is reached with the owner, a trade contract will be executed.  The trade contract will be subject to a satisfactory termite inspection and a satisfactory third party professional inspection, at no further cost to the owner.

How is the sales price of the trade home determined?
Ball Homes will make an offer on an eligible trade home that represents 93% of the estimated market value of the home, as determined by the initial assessment. 


Is a commission paid on the trade?
Neither the homeowner or Ball Homes pays a commission on the traded home.  The homeowner must be free of any obligation to a realtor to pay commission on the sale of the home for the property to be eligible.

How long does the initial assessment and offer process take?
Once the application fee is received, the initial assessment can be completed and any subsequent offer can be made within just a few days.


If a home is determined to be eligible and a trade agreement is reached, can the trade home still be marketed for sale by the homeowner?  
The trade contract, which is a written agreement signed by both parties, is considered a back-up offer.  This means that the homeowner has the option to pursue other offers as long as they see fit to do so, and replace the back-up contract with another offer so long as that does not cause the closing on the new Ball home to be unreasonably delayed.  However, as stated above, no commissions will be paid on a traded home, so the homeowner must reach an independent agreement with any realtor that they arrange to have market their home.

What kind of inspections are required on a trade home?
The initial assessment serves as an informal inspection by Ball Homes to determine a property's eligibility.  If a trade property is accepted, the contract is subject to a satisfactory inspection by a third party professional inspector.  A satisfactory termite inspection is also required prior to closing.  Ball Homes will also inspect the traded home again prior to closing to verify that the condition of the home has not substantially changed.


How long can the homeowner stay in the home if a trade is accepted?
Typically, the closing on the traded home and the new home take place at the same time, and the homeowner has up to 48 hours to vacate the traded home.

What kind of restrictions are placed on the new home that is being purchased from Ball Homes?
The spread, or difference, between the original contract price of the new home (the base price, plus any lot premium and primary structural options) and the estimated market value of the traded home as defined by the initial assessment must be at least $50,000.  For example, to trade in a home valued at $130,000, the new home being purchased must have an original contract price of at least $180,000.  For Quick Move Homes or other specs, the spread is based on the total selling price of the spec home, which may reflect more options and upgrades than a build-to-suit contract.

What happens to homes that are traded in?
They are offered for sale by Ball Homes, or for rent.

To find out if your home is eligible for our Trade Program, see a Ball Homes specialist at one of our open houses, or call 859.245.1179.