Florida Real Estate Questions

Will the purchase of a primary residence qualify for a 1031 like-kind exchange?

admin — Fri, 03 Sep 2010 18:18:18 +0000

According to the IRS, a 1031 like-kind exchange may allow you to delay taxes on the gain received from selling business or investment property. According to the IRS selling a primary residence, second or vacation home would not qualify for the like-kind exchange.

You can find additional information and more by visiting the IRS website or you should speak with a qualified tax preparer.

A potential buyer wants to buy my home but must sell their home first. Is it possible to accept their offer and still entertain other offers?

admin — Tue, 25 May 2010 01:23:11 +0000

You will want to be careful when attempting to negotiate with more than one buyer for your home. You should consider speaking with an attorney before signing a legally binding contract.

If you are going to accept an offer from someone who has to sell their home first you should incorporate a kick out clause to the contract. The kick out clause when signed by you and your buyer will allow you to continue showing your home and enter into a back up contract with another purchaser, with the new contract being subject to the termination of your primary contract. The clause further details steps your primary buyer must take to continue with their contract.

When did the first-time home buyer tax credit end?

admin — Thu, 06 May 2010 15:27:11 +0000

The government’s first-time home buyer tax credit ended on April 30, 2010. Buyers needed to be under contract to buy a house by the April date and will need to close on the home by June 30, 2010.

Should we paint the interior of our home before listing with a real estate agent?

admin — Mon, 26 Apr 2010 19:37:37 +0000

Before listing your home for sale you may want to take steps that will help the home show in the very best light possible. You usually have one chance to impress a buyer. If the interior of your home has not had a fresh coat of paint in some time or if your color scheme matches your tastes but probably would not appeal to others then you should plan on painting ahead of listing the house.

This will help your home make a good first impression and will contribute to you selling the home in the fastest time for the most money.

Who pays for the home inspection, the buyer or the seller?

admin — Sun, 18 Apr 2010 23:51:00 +0000

Home buyers should include an inspection contingency in their contract to purchase a home. Customarily the cost of the home inspection is paid out side of closing and is a buyer cost.

We encourage buyers to interview several home inspection companies comparing prices and services the company offers before deciding on the one they will use. We do not recommend inspectors but can provide names and numbers of several companies in the area that have inspected homes for our buyers in the past. A buyer can also search for an area inspector by going online or using the phone book.

Where can I find how much a home in my neighborhood sold for?

admin — Thu, 15 Apr 2010 22:07:33 +0000

You can usually find out what a home sold for in your neighborhood by contacting a local real estate professional or by visiting your local courthouse or property appraiser office, online or in person.

Are sellers required to leave appliances when selling their home?

admin — Thu, 08 Apr 2010 15:12:47 +0000

Buyers and sellers when negotiating a contract to purchase might include in their negotiations any personal property that is to be included in the sale. This personal property can include appliances such as the range, refrigerator, or dishwasher.

I sold my home, for tax purposes what does the IRS include as selling expenses?

admin — Sun, 04 Apr 2010 15:45:41 +0000

When calculating taxes owed or not owed to the IRS upon selling your home, you should seek the advice of a professional tax preparer or contact the IRS directly.

According the IRS.gov Publication 523 selling expenses include commissions, advertisement costs, legal fees and loan charges paid by the seller.

How long does it take to close on a home?

admin — Sat, 03 Apr 2010 17:30:50 +0000

The time it takes to close on a home you have made an offer on several factors.

Financing

Cash transactions can close quickly, I have seen cash deals close in 7-10 days. Buyers who need financing can expect the process to take 30-45 days with conventional financing closing faster than FHA, VA.

Title work, surveys, appraisal issues are other factors that can affect the time it takes to close a real estate transaction.

When is the best time of the year to buy a home?

admin — Sat, 27 Mar 2010 17:44:08 +0000

The best time to buy a home will depend on many factors including your personal reasons for buying a home, available mortgage rates, tax concerns, buyer incentives and more.

As far as the best time of the year to buy a home, typically during the spring and summer months there are a larger inventory of homes for sale compared to the rest of the year.