Is swapping houses with another homeowner allowed in real estate?”?

candell: Is swapping houses with another homeowner allowed in real estate?”?

Answers and Views:

Answer by shughes2000_2000
well… kinda under an assumable mortgage.

Answer by Marty K
Yes, of course, if you do the proper title transfers and paperwork.

Answer by boos171
I’ve heard that it is but I’m not sure about what areas are

Answer by Kevin E
Yes, it’s called a 1031 tax-free exchange. As the name suggests, it can have tax advantages, so check with an accountant. If one house is worth more than the other, then the party getting the more valuable house pays for the difference in value.

Answer by Linda J
That is a difficult question. Depends on the area, details, situation, leins, deed holders, and many other things. The best thing to do is to just buy eachothers houses. that way there is not so much red tape.

Answer by zippy p
Yes it is but you need to get a lawyer. He will check if the other owner has anything owing against his house, (any debts) and he will also have to transfer the title of the house into your name so it is legally yours. If both houses have mortgages on them the lawyer will have to get the banks to switch them around, and they might need to get the house assesed before you can do that. You should also get a home inspector to make sure there is nothing wrong with the house, a problem the owner is not telling you. Any improvements, additions that have not been approved by the city you could have to pay for later.