Home Selling in Delran>Question Details

Riverside, Home Seller in Riverside, NJ

Need suggestions regarding marketing house. It is rented and I am willing to swap properties. My tenants want to purchase but need one more year

Asked by Riverside, Riverside, NJ Wed Nov 24, 2010

I am willing to trade my property or I am looking for financing for my tenant. He has 7 people in his family and he should qualify for assistance for income. He is more than willing to purchase the property but he needs one more year with his credit. I don't know enough about his options to help him.
My ideal situation would be to trade the property for a property that needs to be rehabbed. The property would have to be in NJ. Value of house is $250000. per two appraisal done this year

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Answers

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Hi Riverside,

You would wnat ot look into a 1031 exchange. A 1031 exchange is excatly what it reads an exchange of properties between owners.

Note:
A 1031 exchange, otherwise known as a tax deferred exchange is a simple strategy and method for selling one property, that's qualified, and then proceeding with an acquisition of another property (also qualified) within a specific time frame. The logistics and process of selling a property and then buying another property are practically identical to any standardized sale and buying situation, a "1031 exchange" is unique because the entire transaction is treated as an exchange and not just as a simple sale. It is this difference between "exchanging" and not simply buying and selling which, in the end, allows the taxpayer(s) to qualify for a deferred gain treatment. So to say it in simple terms, sales are taxable with the IRS and 1031 exchanges are not.

http://www.1031exchangemadesimple.com/

See attached link, there are people out there looking for the same situation.

Good Luck.

Janet - where is the "Real Estate advice"? "It is very difficult to find someone willing to swap homes"
Oh.
2 votes Thank Flag Link Wed Nov 24, 2010
It is very difficult to find someone willing to swap homes, however, if you need real estate advice and a free market analysis, I cover Delran/Riverside and would be happy to meet with you. Please send me a private email.

Janet Larsen, Broker/Associate
Remax Connection
856-261-6910
njrealtorjan@comcast.net
Web Reference: http://www.njrealtorjan.com
0 votes Thank Flag Link Wed Nov 24, 2010
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