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

Help the community by answering this question:


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.

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.


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"
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
Web Reference: http://www.njrealtorjan.com
0 votes Thank Flag Link Wed Nov 24, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer