South Dakota

As things continue to change in the mortgage and real estate industry, more and more details get considered. The "t"s not only need to be crossed, but with a perfectly straight line.

I had a listing of a great Rapid City home recently which inspired the title of this blog. I looked at the home, noticed there was some peeling paint on some of the exterior trim around the windows and pointed that out to the homeowner. The intention was to have her grandchildren get it done, but that didn't happen. We got a contract on it pretty quick and just went forward with the sale. But, of course, when the appraiser came by, he noted the paint and called for repairs prior to the close.

There we were in October. And for some reason we skipped fall. Temps were down, rain/snow was frequent, and I was getting laughed at when getting quotes for the job to be done. (not really...) Fortunately, the lender allowed us to escrow the amount at closing (at 1.5 times the amount!) to be done in the Spring or when we actually got our fall.

So here is what I knew, but have thus been reinforced...

Paint it.

If you are looking to sell your home, but have peeling paint on the eaves, trimwork, or siding, you'll need to get that repaired before an appraiser will approve it for a VA, FHA, or First time homebuyer loan. (which is a big percentage - especially under $200,000) So get it done before the appraiser comes by. Before or shortly after you list would be even better!

Other things to watch out for:

Roofs. (shingles looking frayed and curling? be prepared for the "Needs to be replaced" from the inspector or appraiser)
Decks. (are there railings in place on decks over 3 feet high?)
Gutters. (make sure your downspouts are in place and running AWAY from the home)
Broken window panes. Missing window seals.

Basically, anything that would present an issue to the structural integrity or safety of the home needs to be looked at.

Get them taken care of as soon as you can. It will sell quicker. You won't be stressed 1 week before closing trying to get all this stuff done.

Ease the stress. Just paint it.

Here's to more stress free stuff,

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com

Huge Kitchen - 3 Car Garage - Vaulted Ceilings - Hardwoods- Ceramic Tile - Built ins and more!

Large two-story home located just above the heart of Rapid City in a quiet cul-de-sac. Built in 2001, with a one of a kind view from the large covered front porch. A peaceful backyard setting in the pines with a perfect spot for your hot tub, barbecue grill or both. The master suite with a large on-suite bath and a HUGE walk-in closet. This home has a nearly 3000 finished square feet, a home office, a three car garage, and a covered back deck perfect for entertaing on those summer nights. There is no need to bring your paint brush as the exterior of this home is mantenance free. LOTS OF STORAGE! Huge Storage area above the 3 car oversized garage so bring all of your toys. LARGE LOT! Almost a half acre, WOW! CITY VIEWS! Stunning City Light Views, easy access to everything. This home has it all.

Located just minutes from medical faciliteis and Rapid City's Regional Hospital, numerous restaurants, grocery stores, shopping and much more. A swimming pool, club house, lighted walking path, are all part of the association features you will enjoy while living in this great home.

Do not delay make this great home yours today. (C) 2009 Richard Ives Realtors

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Richard Ives Realtors, Inc.

Happy Halloween Everyone from our home to yours

Have a safe and Happy Halloween

Richard Ives Realtors, Inc.

Make An Intelligent Move

Richard Ives, ABR, e-PRO, AHWD, SRES

Broker/Owner/Instructor

Rapid City, South Dakota

The 1031/Starker Exchange is one way to avoid or defer capital gains on property. But the IRS also recognizes the "Reverse-1031." We believe the Reverse-1031 can become more attractive in this real estate market, particularly if you suspect the valuation outlook for your next property is rosier than your current property.


The more familiar ("regular") Delayed-1031 exchange involves selling your current investment now, then replacing it within 180 days with like-kind property(s). If all the criteria are met the IRS recognizes this sale as a non-taxable capital gain (for now). The IRS Publication 544 gives more details. The Internal Revenue Code itself provides more guidance (see Section 1.1031, the identifier from which the policy gets its name).

In a Reverse-1031/Starker Exchange, Internal Revenue Procedure 2000-37, you don't have to wait until you sell your current property before finding the replacement property. But when you find the replacement property you'll need to involve an "accomodation titleholder" to take possession until you sell your current property. (You cannot own both properties simultaneously.)

This seems to be a very handy way to handle a situation where you suspect you've already found the next, replacement property and you're concerned about it's purchase price escalating faster than your presently held property while you try to sell the present property.


And then, there's the risk that you'll have difficulty selling the current property, in which case the IRS plays arson on your 180-day burning platform.

Posted by Lee Alley, www.BHhomes.INFO, Rapid City, Black Hills, SD at 10:25 AM

Labels: Retirement Investments

And the rush is on!

With just over 30 days left to get a home bought before the expiration of the tax credit (pending extension, of course), activity has been high and deals have been flying. Our inner office sale board is full. (which means a pizza party!)

As for the September Market...look at the total residential graph below - you'll see last month sprang ahead from last year on the number of homes under contract. The active listings are just under last year's numbers, showing that sellers are ready to put their homes on the market and move on. The rest of the stats remain quite similar to the rest of the year - a bit behind, but holding steady...with the exception of the new construction market. We will see how long it takes before that scenario corrects itself.









I've sold a number of homes the past months to first time homebuyers and am working with another on a get-it-in-before-the-bell-rings deal. I certainly can't complain, and I don't see any reason for anyone to be!

It's a winter storm watch. Again. Already. Maybe we'll get our normal warm winter in December...

Take care!

- Tristan

Tristan Emond
Prudential Kahler REALTORS
www.rapidhomesonline.com