You need to contact a real estate agent. A real estate agent will be able to give you the legitimate listing. It is always good to have a realtor help you find property, it just gives you the added protection from getting scammed.... more
While it would seem your question is easy enough to answer, there are NO easy answers where taxes are concerned. You need to consult a tax professional who will consider the "totality" of your tax picture, considering such things as: step-up basis, time owned, income and depreciation if any, value at time sold, etc...
Hi Tina, What you may be referring to is a "Starker 1031 tax deferred exchange" (IRS code 1031). As a veteran Realtor with over 20 years experience, I have had the opportunity on several occasions to work with clients assisting with this transaction. Actually within the last few months. What may be a problem here is if the property has already changed hands. In theory, you are trading your current property for another. The sale process requires the seller working with a specialty title company known as the disinterested third party who holds the funds from the sale of your first property while you identify like kind properties to purchase. The seller never receives the funds from the sale. Once purchases are identified, funds from the sale are transferred by the title company to the new properties purchased along with the additional funds need to even out the sale, called the boot. Because in theory this was a trade and not a sale your capital gains taxes are deferred until the new property is finally sold. Again if you have already closed it is probably to late, however, now you and maybe a few others now know for future purposes.
Broker / Licensed Real Estate Principles Instructor
William E Wood & Assoc. Realtors
222 Mustang Trail
Va Beach VA 23452
Not be a jerk, but you asked if there was a way around having reserves for an investment purchase. No where in that 5 page response that was given before me was there anything that would even coming close to a response to your question.
According to Fannie Mae it depends on how many financed properties you owned (I'm assuming this isn't a jumbo loan). 1 to 4 properties require 2 months for each. 5-10 requires 6 months reserves. This is for each property owned as well.
However, that is not to say there are no additional overlays. If you go to a correspondent lender, they will look at their investor guidelines as well as their own rules.
I'd be happy to look at your specific situation, but should you want to research it yourself, Fannie Mae guidelines are posted here: https://www.fanniemae.com/content/guide/selling/b/index.html
To answer your question, you want to view B3-4.1 https://www.fanniemae.com/content/guide/selling/b3/4.1/01.html... more
Bottom line is yes. It will show when your mortgage company does a real estate owned search, however you'll just need to show proof that you are not on the note. As long as you have a current mortgage statement and a copy of the note, that should be sufficient to show you are not obligated to the property and shouldn't factor into your debt to income.
Granted you'll still need to qualify for the property on your own with credit, income, and assets, but being on the deed shouldn't hurt you.
If you have any questions, please feel free to give me a call. Also, to give you a heads up (and as a bet to myself), you're about to get 50 people saying to call them, but won't provide you an answer.