Tag: 1031 exchange

1031 Exchange To Oregon

Posted on by Living Room Realty

We met Anthony and Gracie a year ago to talk about their goals for their home purchase. We received a message from them saying that we needed to put their home search on hold until for the moment.  They had a commercial property in California that they needed to sell and spoke with a CPA we referred to talk about the best way for them to get the most out of this sell and purchase. Then we got a message that the stars had aligned and it was time to begin their first investment home purchase using a 1031 Exchange for their first purchase to avoid a tax penalty.

Then we got to work. We found a property right away, which was amazing because the 1031 Exchange timeline was short for locating a property and closing. We were able to negotiate a seller credit to give Anthony and Gracie a cushion for repairs that were needed.

To make things even smoother, Anthony and Gracie had a friend visiting from CA that they were able to get in line to be their renters.  Congratulations to you both for such a smooth transaction.

Now we are preparing for their next purchase using the income from this property to help qualify for financing to find Anthony and Gracie their own home sweet home here in OR.

 

We are so excited you’re part of the Oregon family! We can’t wait to see which home y’all end up choosing as your new home base. On to the next adventure!

First time home buyer in a competitive price range

Posted on by Julia Robertson

These happy campers relocated from New York less than a year ago. They just closed on the most perfect 1940’s cape cod style home in North Portland. We’ve been on a search for a home under $450k, with character, room to improve, in an up-n-coming neighborhood and close enough commute to Nike. I’d like to say it was an easy search, but this is a popular search for North Portland! We wrote multiple over asking price offers, giving desirable concessions to seller… but lucking out, as runner up or back up offer on these homes. One home in particular, they had their eye on was removed from the market for a month. Although we really wanted to write an offer on that property, the seller had to find a suitable 1031 exchange property on the east coast, while living in the Netherlands. Sound complicated? Yup! We continued to look at other homes and write a few offers in some crazy competitive situations. Sure enough this cute little cape cod came on the market and we had our opportunity again! In a split decision with multiple offers the seller chose an all cash offer, higher than ours, the seller couldn’t refuse the terms. Ugggghhh! We asked to be a back up position and seller chose not to have a back up. All the while I encouraged these two. In real estate, everything happens the way it’s supposed to. Don’t get discouraged.

Two weeks later, I received a call from the cape cod home that the buyer in first position was backing out. Before listing it back on the market, they wanted to know if this buyer was still interested… YES!!! These two were so excited to get into the home they originally wanted. May not have been the way they thought it would happen, but almost always everything happens the way it’s supposed to in real estate. Timing is everything and so is having a professional on your side.

If you’re a first time home buyer and you’re trying to navigate the home buying process- I’d love to be your guide. Call or email me anytime!

Julia Robertson | Living Room Realty

Licensed Broker in Oregon & Washington

541-505-1111 | julia@rebyjulia.com