Home Selling in Phoenix>Question Details

yoshiyaoi33, Other/Just Looking in Phoenix, AZ

Is it possible to "swap" houses with somebody in another state?

Asked by yoshiyaoi33, Phoenix, AZ Wed Jun 5, 2013

How would you go about it if it is possible? Must it be of equal value?

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Answers

11
Absolutely.....in a perfect world, it would be easiest if the properties were of equal value. Probably the best way to clarify this would be to have both properties appraised by a professional appraiser. This will also assist you in determining how to settle any difference in values.

An attorney would be able to take care of the paperwork and guide you through the transaction.

Good luck,

Bill
0 votes Thank Flag Link Mon Jun 17, 2013
It is possible to "swap", however just to be safe you need to work with a lawyer, or real estate agent to make sure all the paperwork is correctly filled out, and all the conditions and terms are clear and "loud" stated.
0 votes Thank Flag Link Mon Jun 17, 2013
Yes, it can be done. No, they need not be of equal value but there would likely have to be additional consideration to the owner of the higher valued home at the time of trade.
0 votes Thank Flag Link Wed Jun 5, 2013
It is possible however complex. The likelihood of finding the right home in the other state and right client would be slim to none.

I would recommend selling your current home and finding the home of your choice in area you are moving too.

If you would like a market analysis feel free to contact me direct. You may request one on my site below.


Sincerely, Lucinda
0 votes Thank Flag Link Wed Jun 5, 2013
You might want to have a Realtor or attorney help with negotiating through this process.
0 votes Thank Flag Link Wed Jun 5, 2013
If you are talking about an investment property, it is possible to "swap" investment properties and save on capital gains tax, but it's difficult to do because of the problem of equal value. One option would be to have both properties independently appraised, and the lesser valued property owner would have to pay the difference in cash to the owner of the higher paid property.

But this is very complex and you'd be much smarter to sell your house and buy another one. If you have a mortgage, and the property is your personal residence, swapping is likely not an option and there is no tax advantage to doing it that way.

My strong recommendation: sell your house and buy another one. Less stress, less complexity, and any real estate agent can help you.

With the swap idea, you'd need to involve a real estate attorney.

Ann Griffin, Realtor
Coldwell Banker Trails & Paths
Mesa, AZ
480-789-9584
0 votes Thank Flag Link Wed Jun 5, 2013
If your homes are yours free & clear you may do anything!
0 votes Thank Flag Link Wed Jun 5, 2013
I thought I'd add that if there are mortgages involved you'd want to pay them off prior to swapping so both properties are transferred free and clear.
0 votes Thank Flag Link Wed Jun 5, 2013
Yes, it just matters how you do it. Are you trading title? are you requiring refinance within a certain amount of time? there are usually guidelines set to perform this.
0 votes Thank Flag Link Wed Jun 5, 2013
Anything is possible but I think you would have a better chance of winning the lottery.
0 votes Thank Flag Link Wed Jun 5, 2013
Sure, as an owner each of you is free to do whatever you want with your property (within reason and legal limitations)

Swapping isn't unheard of, and no the two properties do not have to be of equal value. each of you has to agree to a sales price or valuation and then the owner with the lesser valued property would simply have to make up the difference in cash.

In each state you'd want a real estate attorney to handle the paperwork to make sure that each "Buyer" got title free and clear.

While I've heard of this, I've actually never met anyone who was involved in such a transaction though I would guess you could Google "Houseswapping"and you'll probably find some sites that are set up from this.
0 votes Thank Flag Link Wed Jun 5, 2013
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