Are we all getting bored with those articles about "I JUST SOLD multiple offers over asking"?
There is a lot more to a good REALTOR®'s toolset than yard signs and a cell phone. EDUCATION can make a huge difference in the outcome for a buyer or a seller.
This week I want to recap three online continuing education seminars I attended that will help all clients who hold title to real property. Think of this as 3 real estate tools that your REALTOR® needs to know.
3 Real Estate Tools That Your REALTOR® Needs To Know
1. Do you know about 1031 Exchanges? It is an Internal revenue code 1031 that is celebrating its 100th birthday this year.
It allows an investor to legally defer paying any capital gains taxes and defer depreciation recapture when selling an investment property, by rolling the proceeds into another like kind investment property. This is a great way to legally avoid paying out large chunks of money to the IRS on a profitable sale. With the large appreciation in real assets in 2021, wouldn't this be a great topic to understand and pass on to your investors? I have a great PowerPoint deck and pdf file to share from a seminar by Carl Pikus at IPX1031 (Investment Properties Exchange 1031). Just email me at email@example.com for a copy.
2. Another great topic, and very timely due to the COVID-19 pandemic, covers tenants and evictions. A great presentation by The Fowler Law Firm, John Lione and Laura Fowler, covered topics such as:
- doing business with family and loved ones,
- consequences of putting deeds in family member names,
- allowing and the long-term real consequences of doing things without discussing them with a real estate attorney ahead of time.
There are amazing (scary) results that can happen with claims on title! How do you evict that "nephew out of work during COVID days" whom you invite to "couch surf for a few days" because you're a good aunt, and now he WON'T leave after six months? What about the grown child who moves in with a terminally ill mom to take care of her and mom deeds the house over to her grown child, but then the grown child gets a divorce and the ex makes a claim on proceeds at sale? Yep, there are A LOT of DO's and DONT's.
3. Then I also attended a Zoom meeting hosted by the Austin Board of REALTORS, with speakers Avis Wukasch and attorney, Kerri Lewis. Their presentation discussed "small print":
- covering listings,
- fixture leases (such as solar panels),
- smart home appliance issues (for example: the seller needs to disconnect and delete their personal logins and apps and turn control over to the next buyers on things like RING, NEST, and Yale locks),
- waivers on appraisal clauses (CAN'T do on FHA and VA loans),
- and other small, but vitally important to know, small print in real estate contracts.
So, now that you know the 3 real estate tools that your REALTOR needs to know, this should reaffirm that you need to include talking to a REALTOR® before taking any steps in real estate, and in some cases, a real estate ATTORNEY!
I'm always here and available to HELP PEOPLE and I have this information in my toolkit. Please give me a call at 512-917-1542 or email me at firstname.lastname@example.org or simply click here.
Posted by Gay Puckett on
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