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House swap sale??

Hello! I have a bit of a complicated situation that I'm looking for advice on...

We are selling our property (asking $849,000) by private sale. We recently had somebody offer to trade us their house in exchange for ours (and because it is worth less they would also give us some cash). I originally didn't like the idea, but we went to look at the house and it is actually exactly what we are looking for! But the problem is I have no clue now how we go about actually doing this process and I cannot find anything online.

One of the reasons we are selling is because we need a cheaper mortgage. We don't want to stay with our current bank because we have found rates at a different bank that are much better and they were willing to lend us slightly more. So let's say this person gives us $200,000 and we move banks. We need about $50,000 to pay off other debts. And then...I'm assuming we would give the other $150,000 as a down payment for the new mortgage.

Am I thinking this through correctly? Has anyone ever done this? The mortgage broker said she hadn't ever heard of this. The steps seem very confusing.

Another option I guess would be for them to just buy our house for our asking price and we then buy their house for their asking price. But... this also seems like a weird situation because who pays who first...how do we both get approved for new mortgages at the same time without our houses being officially sold? Not sure if that even make sense...

Thoughts?

submitted by /u/viciousbananagirl
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source https://www.reddit.com/r/RealEstate/comments/15839g1/house_swap_sale/
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