You heard it already. The banks aren't in Real Estate - they are in Lending. Poor lending practices (among other factors) got them into the mess they are in now but Lending is their business.
10a 31 exchange is great but only applies if you sell an income property. It sounds like the house you're talking about is your residence. When selling a residence the allows an exemption on the capital gains as you probably know with some restrictions. It may be your best bet to keep your present house as a rental property and buy your next house at today's low prices. Whatever you decide to do, get some good financial advise. Your accountant can help. Talk to your Realtor about current values on both the buy and the sell side and then see what your accountant thinks.
All the best,
Dilbeck Realtors, GMAC
To answer some of your questions,
I bought my house in 1986, so I have some equity.
My house is in great condition, remodeled 4 years ago, new stucco, new windows, new kitchen cabinets, new kitchen floor, new bathroom.
Why it didn't sell, it beats me, I guess the realtor didn't do a good marketing, but I should said that I got an offer which I didn't take because it was a law ball plus they asked for $15K for their closing costs. Of course now I think that I should have taken it.
I just wanted to move up.
And thank you for all your offers but we have decided not to put the house for sale.
thank you again.
Is there anything unique about your home? Why are you wanting to move from your home?
Have you done any recent repairs and/or remodeling to your home? How is the landscaping? Do you have deferred maintenance that needs to be taken care of?
How is the surrounding neighborhood? Is it right next to a freeway or a landfill?
If this was on the MLS before I would be happy to help you figure out if it was priced right at the time. You had it on the market when everything was selling, so I am very curious to find the reason it did not sell.
All my best,
No, banks are not in the "swapping" business. Your best bet is to put your home up for sale at or below the market value to get it SOLD once and for all. Then, you can negotiate and incredible deal with the banks on one of their foreclosures!
I hope you purchased your home prior to 2000 so you should have enough equity.
My market includes Bellflower, I would be happy to provide you with an evaluation of your home's current value, let me know if you're interested.