Listing Status – What is the meaning of Cancelled versus Withdrawn?
A withdrawn listing means that the property is still listed for sale with a real estate agent or broker but is no longer listed on the multiple listing service (MLS). … A cancelled listing is one in which the seller and agent or broker agree to terminate the listing (i.e., when the house is listed for sale, but then a great rental income opportunity comes along).
Dodd-Frank Act – what is it?
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 primarily affects lenders. This legislation changed aspects of the lending processes with the aim of creating more stability in our industry and more security for borrowers.
The act restructured the oversight of financial regulation and included amendments to the Truth in Lending Act (TILA).
It also established the “ability to repay” anti-predatory lending provisions, which resulted in the Qualified Mortgage (QM) rule.
The most recent version of this law relies on sound and responsible underwriting rather than on an onerous down-payment requirement to qualify as a QRM loan
What is a 1031 Exchange?
This is a situation where an investor can sell a property and reinvest the proceeds into a new property of equal or greater value. This supports that deferral of capital gains until a future date. Be sure to consult with your lawyer and accountant to fully understand how this works and how you would be impacted (or the benefits you would gain).
There is a time limit on the exchange. From the time of closing on the relinquished property, the investor has 45 days to nominate potential replacement properties and a total of 180 days from closing to acquire the replacement property. Identification requirements: The investor must identify the replacement property prior to midnight on the 45th day.