By Inman News Feed
Convert to rental, then 1031 exchange to reap benefits Tom Kelly Inman News Mike and Claudia McIntosh have not spent one night in their mountain cabin in 2010. One of their sons was married in June; Claudia's family held a reunion in Michigan in late July; and Mike plans to take time off from work to move his mother into a retirement home in August, so there has been no time to get to the cabin. "We've heard for years about people who don't use their second home, and now we are those people," Mike said. "I think we would probably sell the place, but we always stop ourselves when we think about paying a capital gains tax on the place." One viable option is to convert the cabin to investment property status, rent it out for a couple of years and then sell it via a 1031 tax-free exchange to acquire another investment property closer to home that could produce a monthly cash flow, supplementing household income. The new property could ultimately be placed in the couple's estate or in a charitable trust. One of the more underestimated financial bonuses available to the...
By South Philly Review
Philadelphia Weekly's video guide to buying a home for the first time.
The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing....
By Inman News Feed
REThink Real Estate Tara-Nicholle Nelson Inman News Q: The buyer of our home took us right up to one week before the closing date and backed out, stating he found another home he liked better. We had complied with all of his requests, including a quick closing date and home inspection, and he was preapproved for a loan. We purchased another home quickly due to his demands. We even packed up our whole home and had done minor repairs he demanded be done. Now we are told we are not entitled to the earnest money. Why? --Jan, Utah A: Well, Jan, you appear to have had your good faith taken advantage of by someone who knew your side was dozing a bit at the wheel. Clearly, I don't know all of the facts of your case, but there are some common misconceptions about deposit refunds and contingency periods that seem to have been present in your situation. So, virtually every real estate contract in every state has some sort of due diligence time period in which the buyer is able to back out and recoup his deposit for a certain number of days...
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