As the U.S. housing market struggles to rebound, many homeowners are stuck with hard-to-sell properties longer than expected. Some frustrated home sellers who much relocate for a new job opportunity, want to downsize or simply want to buy a new place have left homes empty. Vacant or unoccupied homes can leave the homeowner exposed to loss and liability that may not be covered by their insurance, according to the National Association of Insurance Commissioners.

Homeowners policies are meant to insure homes that are occupied, so they generally include exclusions for neglect or property abandonment on a home left vacant or unoccupied for a specified number of consecutive days. In insurance terms, a vacant home is one the resident has moved out of and taken his/her belongings with him/her. An unoccupied home is one where the resident is not staying at the home, but the furniture and other belongings remain.

Because vacant and unoccupied homes pose a higher risk for damage than occupied homes, insurance companies insure these properties differently and usually at a higher price. These risks include:

Break-ins: When a home has been unoccupied for awhile, it can show signs that nobody is around-unkept lawn, full mailbox, no lights on- that can tip off burglars to an easy target.

No emergency response: Without anyone home to call 911 or respond to emergencies, a manageable problem- such as a small electrical fire-can turn into a much larger, more costly disaster.

Property liability: There is no one present to prevent others from entering the property or to supervise activity, which could increase the likeliness of an accident on the premises or property damage when the owner is not there.

The National Association of Realtors (NAR) says it has received reports that as many as a third of the buyers eligible for the credit have already been notified by their lender that they won’t make the June 30th deadline. The Senate’s amendment, approved Wednesday by a vote of 60 to 37, would give homebuyers and their lenders until September 30th to complete their transaction.

If a seller receives more than one offer on the property, the seller picks the best one and signs that offer only and sends it to the lender. I hope this clarifies when an offer is “Accepted.”

The term “first-time home buyer”  means an individual and his or her spouse who have not owned a home during the 3- year period prior to purchase of a home with assistance under subchapter II of this chapter, except that– (A) any individual who is a displaced homemaker may not be excluded from consideration as a first-time home buyer under this paragraph on the basis that the individual, while a homemaker, owned a home with his or her spouse or resided in a home owned by the spouse; (B) any individual who is a single parent may not be excluded from consideration as a first-time home buyer under this paragraph on the basis that the individual, while married, owned a home with his or her spouse or resided in a home owned by the spouse; and (C) an individual shall not be excluded from consideration as a first-time home buyer under this paragraph on the basis that the individual owns or owned, as a principal residence during such 3- year period, a dwelling unit whose structure is– (i) not permanently affixed to a permanent foundation in accordance with local or other applicable regulations, or (ii) not in compliance with State, local, or model building codes, or other applicable codes, and cannot be brought into compliance with such codes for less than the cost of constructing a permanent structure. (15) The term “singe parent” means an individual who– (A) is unmarried or legally separated from a spouse; and (B) (i) has 1 or more minor children for whom the individual has custody or joint custody; or (ii) is pregnant.”

• Repairs you’ve requested have been made. Obtain copies of paid bills and warranties.
• There are no major changes to the property since you last viewed it.
• All items that were included in the sale price- draperies, lighting fixtures, etc.- are still there.
• Screens and storm windows are in place or stored.
• All appliances are operating, such as the dishwasher, washer and dryer, oven, etc.
• Intercom, doorbell, and alarm are operational.
• Hot water heater is working.
• No plants or shrubs have been removed from the yard (unless you agreed in writing).
• Heating and air conditioning system is working.
• Garage door opener and other remotes are available
• Instruction books and warranties on appliances and fixtures are available.
• All personal items of the sellers and all debris have been removed. Check the basement, attic, and every room, closet, and crawlspace.

Known as a 1031 or a tax-deferred exchange, this strategy can be utilized again and again, allowing taxpayers to continue to defer gains throughout their lifetime and to accumulate more and more quality real estate.

With a 1031 Exchange, taxpayers can also consolidate, diversify, or convert the nature of investment properties in preparation for relocation, retirement, or even setting up heirs to inherit gain-free properties in the future. With a little planning, the 1031 Exchange can be a perfect tool for acquiring an ideal retirement home or setting up an inheritance for one’s children.