New Houses for Old

A California building firm last week stole a page from auto dealers and announced a novel home-selling plan: trade in the old-model house for a new one. The Liberty Building Co., developers of a 3,500-home tract in what was once a walnut grove in west Pomona, offered to take old houses in trade from anyone who buys one of their new $15,000 houses.

Under the plan, the company and seller agree on a price for the old dwelling and put it on the market. Normally, the owner's equity in it is enough for the down payment on the new house. If the old house is sold within 30 days, the full price is turned over to the owner; if not, Liberty Building purchases the house at a prearranged, but lower price.

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