House swap - How does it work? (mortgages, fees, broker)

[oconnorcm3]

House swap – How does it work?

Hi,

On Craigslist I’ve noticed a section called “House swap”. How does it work? Would the parties have independent assessments done on their homes, to determine their current market value? Would Party A hire someone to assess the market value of House B, Party B for House A? If there is a difference in amounts I would assume that one party pays? And what does this mean for tax purposes? How does home ownership transfer and are there fees involved?

Thank you for anyone who can enlighten me.

[Beach Broker]

I am a real estate broker in Myrtle Beach, SC. I haven't participated in any house swaps yet but think it could be a trend of the future. Here are two websites that allow you to post that you want a swap. They could give you more info on how it works.
[FONT=Arial][URL="http://onlinehousetrading.com/"]http://OnlineHouseTrading.com[/URL][/FONT]
[FONT=Arial][URL="http://goswap.org/"]http://GoSwap.org[/URL][/FONT]

[MikeJaquish]

You don't just get to hand keys to each other.
Someone will have to pay off any liens, including mortgages.