Can you put an offer in on a house before selling yours?

While you’re perfectly entitled to put in an offer on a property when your own house is still up for sale, your offer will be taken more seriously if your own property is under offer. You’ll also be in a better position to negotiate a good price if your property is under offer.

What is the 6 month mortgage rule?

The 6 month mortgage rule is an area of lending criteria imposed by the CML (Council of Mortgage Lenders) with the intention of stopping you from remortgaging a property within 6 months of purchase. The 6 month mortgage rule also applies to purchases of a property that the vendor has owned for less than 6 months.

What happens if I Sell my House at a loss?

If you sold your property at a loss, you will pay the recapture taxes on the difference between your net selling price and your depreciated value, which is your cost basis less your total depreciation. When you sell an investment property and buy more investment property, you can structure your transaction as a 1031 tax-deferred exchange.

What should I do if I want to sell my house?

You are likely to have received some of it when you purchased your property. If you gather together the relevant documents at this stage, you can avoid future delays and provide your estate agent with key information to share with prospective buyers from the outset.

Is it possible to sell more than one property?

Legally, it is not possible to transfer more rights than one has, which means that only the owner of a property, as registered in the Deeds Office, can transfer rights relating to this property. It is, however, possible to “on-sell” a property, provided that the necessary conditions are included in the relevant contracts of sale.

What happens when you sell your vacation home and buy a new one?

If you sell your vacation home residence and buy another one, the IRS will not let you do a 1031 exchange (a properly structured 1031 exchange allows an investor to sell a property, to reinvest the proceeds in a new property and to defer all capital gain taxes).