Multiple Home Mortgage Question

[flyfisherman]

Hmmm, look into this. You could sell and keep the money in an account that you don't touch until you buy you're next like property. The closing attorney can set this up. I think you'd have 3 years after the sale to reinvest the money. But like I say, you need to research this

I believe you are referring to a 1031 Reverse Exchange. The same 45 day Identification Period and 180 day Exchange Period deadlines of IRC §1031 apply to a safe harbor reverse exchange. The identified Relinquished Property must be sold, and the parked Replacement Property transferred to the Exchanger to complete the exchange within 180 days of parking the Replacement Property.

 

[basstracker89]

I believe you are referring to a 1031 Reverse Exchange. The same 45 day Identification Period and 180 day Exchange Period deadlines of IRC §1031 apply to a safe harbor reverse exchange. The identified Relinquished Property must be sold, and the parked Replacement Property transferred to the Exchanger to complete the exchange within 180 days of parking the Replacement Property.

That makes sense. My Dad sold a house were the investor had to hurry and close a property

 

[thevalueman]

ODT...the ultimate repository of financial wisdom....you're smart enough to own 2 homes, I'm quite sure you have the ability seek your own way....unless this is a puff piece

 

[halo696]

Realtor

 

[Grub Master]

Good read and correct info on 1031 exchange. https://www.investopedia.com/financial-edge/0110/10-things-to-know-about-1031-exchanges.aspx.

 

[davans]

ODT...the ultimate repository of financial wisdom....you're smart enough to own 2 homes, I'm quite sure you have the ability seek your own way....unless this is a puff piece

I’m over analytical and love to collaborate. Also home recovering from foot surgery, bored.
what is a puff piece?

 

[AboveTheSky]

That sounds like an exciting move! When I snagged my third property, I went with a local credit union. They were more open to considering the home sales in the pipeline and worked on a flexible plan. It's worth having a chat with a mortgage advisor there(like Mortgage Advisor Sunderland)! Good luck with the farm dream!