Listing Details: Harrison Township, St. Clair and Macomb, Michigan Real Estate Listings & Homes For Sale Provided by Holly Peters

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Sale Pending - HUD-Condo on Raleigh Crescent

$21,000 Great Price! Wow!

Photo of 28382 Raleigh Crescent Dr., Chesterfield, MI, 48051.

HUD home on Raleigh Crescent : HUD condo on Raleigh

Address: 28382 Raleigh Crescent Dr.	City/ST: Chesterfield, MI	Zip Code: 48051
Location: Chesterfield	Property Type: Condo	New or Resale: Resale
Square Footage: 882	Bedrooms: 2	Bathrooms: 1 full, 1 half
MLS# 210065210

HUD Home, Earn up to 5% comm. *Visit www.mcbreo.com further info. FHA Case # 261-904978. No lckbx-keys $2 at LO. Buyer to verify all info.Uninsured-eligible for FHA 203K. Prop avail 06-04-10. Rm sizes apprx. LBP Addendum.

HUD home. Sold 'AS IS' by Elec Bid only. For Prop. conditions, Forms, Discl, & Avail see Website in Agent Remarks*. Uninsured-203k eligible.Bids due by 06-13-10 11:59 PM or daily until sold. MCB makes no warranty as to current or future existence of mold in this property and is not liable for the potentiallyharmful effects thereof. HOA fees $125 per month. Inspect electrical system. Replace flooring. Uninsured, eligible for 203k financing.

Last Updated: 7/30/2010 10:11:41 AM

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Tax Considerations >New 1031 Exchange Rules

One of the most popular "tax deferring" strategies for real estate owners who are selling one property and acquiring another is the use of Section 1031 of the Internal Revenue Code. It is an effective way to defer paying income tax on capital gain generated by the sale of a property when you intend to reinvest the proceeds in a similar, "like-kind" property. Almost any kind of real property is considered "like-kind" with any other real property.

A recently enacted law closes what was considered a loophole in the Section 1031 rules. In some cases, owners of investment real estate have used the 1031 Exchange to swap their investment property for real estate that could be readily converted to an owner-occupied residential property. After the exchange, they made the property into their principal residence, lived in it for a couple of years, then sold it. Now the American Job Creation Act of 2004 has ruled that properties converted from a 1031 exchange property into a residence must be held and used as a principal residence for at least five years to qualify for the tax exemption. Otherwise, the basic tax-deferring benefits of 1031 exchanges remain the same.

Consult your tax advisor for more detailed information.

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Q	What is the mysterious American island whose private owners are intent on preserving the ways of early island life?
A	The Robinson Family, owners of Niihau, Hawaii, have done everything in their power to preserve traditional ways.
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Holly Peters, REALTOR�, real estate agent and broker for Harrison Township, St. Clair and Macomb, Michigan home listings, property and land for sale - NUMBER1EXPERT

Holly Peters
RE/MAX Advisors
34350 23 Mile Rd.
Chesterfield, MI 48047
Holly's Cell : 810-300-4015
Office: 586-725-1900
Fax: 586-725-0333
REOactionhomes@gmail.com
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