My active Rain profile

 

Local company receives 1031 Certified Exchange congrats

Destin, Florida: Old South 1031 Exchange Services, LLC, a nationwide 1031 Qualified Intermediary announces that Andrew Gustafson, a principal of the firm, is one of twelve business professionals in the state of Florida and less than two hundred nationally to earn the Certified Exchange Specialist (CES) designation, after meeting the examination and work-experience criteria established by the Federation of Exchange Accommodators (FEA). The FEA is a non-profit trade organization with a nationwide network of certified professionals accountants, attorneys, real estate brokers, and others to help investors handle the requirements of Section 1031 transactions.

Section 1031 Exchanges are complex transactions that permit investors to defer capital gains taxes on the sale of certain types of business, investment, or income property, provided specific criteria are met, including the replacement of the property with one or more properties of “like kind.” Investment real estate is the most common type of property exchanged in this manner, though many other types of property can be bought and sold through a 1031 exchange. Examples include construction equipment, easements, livestock, oil and gas, minerals, timber, water rights, airplanes, boats and yachts, and motor vehicles, among others.

The FEA is encouraging taxpayers to consider using a Certified Exchange Specialist to act as a “qualified intermediary” for their 1031 for good reason. According to Andrew Gustafson, “Almost anyone can claim to be a Qualified Intermediary. The problem is that Section 1031 Exchanges are complicated and highly specific, so even a small mistake could completely wipe out the potential tax benefits. The FEA’s certification program is intended to allow taxpayers to make informed decisions when selecting a Qualified Intermediary.”

Saving money at closing

Savings Tips
Fees for some standard items, such as appraisal, credit report and title insurance should be almost the same at every lender. The same goes for payments to local governments, such as documentation stamps and recording fees.

A bank or mortgage company may be willing to drop some of the fees if you opt out of a service. For instance, they may overnight documents back and forth for faster approval. If you are not in a hurry, you can ask that the documents be sent by regular mail and the overnight charges be dropped.

Watch out for “junk fees” or additional charges. Most mortgage programs include them, but you should be able to negotiate them down or eliminate them.

Other Ways to Save on Costs

Try to close your mortgage near the end of the month. Because all mortgage loans are due on the first of the month, you will have to pay interest from the day you close until the end of the month. You can avoid or greatly reduce prepaid interest due by closing the last day of the month or near that date, and save yourself hundreds of dollars.

As part of the sale contract, you can negotiate with the seller of the property to help pay for some of the closing costs, points or other fees.

Plan ahead with your mortgage lender. Don’t wait until the day of closing to try to reduce costs.

Getting your house ready to sell

A thank you to the Crestview Bulletin.
Story by Tara Roberts of the Crestview Bulletin.

When selling a house, owners do not necessarily need to make expensive upgrades and renovations on their home to improve their chances at a quick sell. The simple task of cleaning the outside and inside is one of the best ways to perk up the appearance of a house. Maybe a little paint here, a few minor repairs there and it has a completely new look.

First Impressions

When a potential buyer is introduced to your house, the exterior is the first thing seen. Is the front door scuffed and in need of a facelift? Outer doors, walls and shutters need a good cleaning, and sometimes a fresh coat of paint. If the front door is in really bad shape, consider replacing it.

Use a pressure washer to clean away dirt, mildew and oil stains on walks, driveways and exterior walls. Also give porches, decks and fences a good scrubbing. Some hardware or home improvement stores offer rental equipment for the do-it-yourselfer, or hire a cleaning service. Check windows and screens for damage, and repair or replace these before showing the house. Cracked or broken sidewalks and driveways should also be repaired.

Sprucing Up

Take a good look at your landscaping. How does it compare to your neighbor or the rest of the neighborhood? Add a splash of color by planting flowers or small shrubs. Keep the lawn mowed and neatly trimmed. Rake up leaves and grass cuttings, and prune trees and hedges. These little touches do not have to be expensive, and can noticeably brighten the outside of your house.

Sometimes houses are shown in the evenings. Do outside lights work? Is the house number clearly visible? Remember to keep garage doors shut and trash cans out of sight. Small details can make a big difference.

Less is Better

Once inside the house, the key is less is better. As the owner, you are trying to sell a house; potential buyers are looking for a home. That means you have to de-personalize your house by getting rid of clutter so buyers can better visualize how they would give the house their own personality.

Remove personal photos, pack away that collection of state spoons, and take down all those sports trophies and school memorabilia. Not everyone is a fan of the same team. Put any valuables out of sight. Rent a storage unit and finally clean out the garage, attic and overflowing closets. Use this as an opportunity to begin packing or plan a yard sale to offset the cost of improvements.

Clear off kitchen counters and empty cabinets. Clean the outside and inside of ovens, refrigerators and dishwashers, especially if these appliances stay with the house. Keep the dishwasher, clothes dryer and washer, and trash cans empty. Do not hide dirty dishes or clothes in the washers.

Clean, Repair, Replace

Check doors and doorknobs, windows, lighting fixtures and electrical outlets, and faucets to make sure they are all in good shape and functional. Repair any damaged bathroom or floor tiles, or cracks in walls and ceiling. Replace any worn or stained carpet, and torn or peeling wallpaper.

Take the opportunity to do a complete floor to ceiling cleaning. Sweep out cobwebs from corners, get rid of dust bunnies under beds and other furniture, wash windows, walls and floors, and shampoo carpets. You could use the money earned from your de-cluttering yard sale to hire a professional cleaning service.

Remember not everyone likes cranberry or royal blue walls. Consider painting interiors walls a more neutral color. Replace elaborate window treatments with plain drapes or curtains.

The Little Things

Remember the little things like making beds, putting out matching towels in the bathrooms, setting the thermostat on a comfortable setting, and keeping lights on and blinds or drapes open.

Smokers, pet owners and parents with infants need to recognize that, while resulting odors may have become unnoticeable to you, they are not undetectable to potential buyers. Consider smoking outside while you are trying to sell your house. Clean litter boxes daily and keep dogs outside as much as possible. Throw away diapers in an outside container immediately. Use air freshener or light scented candles. Bake a batch of cookies or homemade bread on days of showing.

Enlist the help of a friend to inspect your house as a prospective buyer might. Encourage honest feedback on what improvements you could make to help the sale of your house. Most upgrades do not need to be costly and, in many cases, expensive renovations do not give a good return on your investment. Potential buyers should be able to see how great your house is and not try to imagine what it would be like with a little work.

OkaloosaFlorida.com Sitemap

Home: This is the home page of TeamSoldTV.com. Here you can view the latest blog entry, the featured listing, and so much more.

Ask a Question: Here you can ask a question about any aspect of real estate; your question may be answered on the show!

Blog: This is Brandon’s blog, which covers all aspects of real estate: loans, home inspections, appraisals, proposed developments, and more.

Schedule: This is the list of channels and times where Team Sold Real Estate TV is aired.

Search: Here you will have instant access to the MLS to search all homes for sale on the Emerald Coast for free.

Privacy Policy: You can read our Privacy Policy here, which states how we treat any information you submit to us.

Add to my Yahoo