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Monday, February 11, 2013

The Inside Scoop on Selling a House Through a 1031 Exchange

One of the best parts about working at Trulia is actually helping people find their dream homes. Every day, we hear from users who share success stories that are just too good to keep to ourselves. That’s why we’re kicking off the “My Trulia Success” program, where we’ll highlight a couple of users each month and share their Trulia experience –giving you even more inside scoop.

Our first user is Candy Mitchell from the Bay Area. She and her husband recently sold their San Francisco-based investment home via a 1031 exchange. For those who don’t know, when you sell a house through a 1031 exchange, you’ve got 45 days to roll your proceeds over to another property—otherwise, Uncle Sam will get you. Once you identify the next home you wish to invest in, you’ve got another 180 days to close.

Candy and her husband listed their home, and it sold after just one open house. They closed escrow the middle of November, but that’s when things got sticky. Because they only had 45 days to buy a new home, Candy started to worry. “I shifted in to panic mode,” she said. “Trulia was my source and I was looking and looking.” She downloaded other apps too but wasn’t impressed, “I tried other apps, but Trulia was too good to switch. It’s just easier to use.”

After weeks of looking for another home to invest in, they finally found the one that met their criteria. “I found the right house on Trulia before our realtor did, and I was having inspections even before she saw it.”

Because Candy lives in San Anselmo, CA—a suburb of San Francisco—she isn’t too familiar with the ins and outs of San Francisco neighborhoods. Using the map boundary feature on Trulia’s iPad app, she was able to learn more about the different communities within the city. From there, she used “inside scoop” map features to ensure the house was located right where it needed to be.

We’re excited to share Candy’s story with you and are looking forward to telling you how other users are using Trulia to find a place to live. If you’re a fan of Trulia and want to share your story, please email us at MyTruliaSucess@trulia.com.

Korina Buhler Author information not available.

View the original article here

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