Frequently Asked Questions
Expired Listing?
Q. My house was listed but didn’t sell. What can I do?
A. Call for an appointment ASAP. Together we’ll evaluate your previous listing and its results and discuss how to get the job done without repeating the same mistakes.
Trust Sale?
Q. How do I sell a house that’s in a trust?
A. If the property is wisely contained in a trust, it can be sold with the proceeds being deposited into an account in the name of the trust. The text of the trust determines who needs to sign on behalf of the trust. Jim Carvin is experienced in trust sales. When lawyers refer clients’ trust sales to us, they can access the progress and status of the sale 24/7 using status411.com, available exclusively to associates of Jim Carvin.
Proposition 60 Sale?
Q. Can I sell my house, buy another one, and keep the low tax base from the first house?
A. Proposition 60 makes that possible. There are a few restrictions, so call and let’s look into it. We’d love to help you do that.
1031 Exchange?
Q. I want to sell one rental property and buy another. How can I do that without having to pay or withhold income tax on the sale of the first house.
A. It’s called a 1031 Tax Deferred Exchange. We’ll be using an accommodator to hold the money from the first house to use on the second house, which makes it an exchange rather than a sale. It may sound complicated and some restrictions apply, but people do it all the time. We’ll help you sell your existing income property, buy another, and and walk you through the whole process. The Accommodator firm we use has an in-house lawyer and CPA so you won’t have to look elsewhere for answers to your questions. (Most accommodators will not answer tax and legal questions.)
Selling Underwater?
Q. If I sell my house there won’t be enough money to pay off the mortgage. What can I do?
A. It’s called a Short Sale. We are very experienced in negotiating with lenders so they’ll agree to accept the proceeds from your sale and grant you “full release and satisfaction” from your loan. They won’t come after you for the unpaid balance and the IRS will not charge income tax on the debt forgiveness. If it’s a rental, and you sell for a loss, the loss can be written off on your taxes and even carried forward to future years. Of course there are some strict guidelines, so let’s discuss and see if that’s right for you.