Zetabid is a national expert in the field of IRS Section 170 Bargain Sales which is a great tool for sellers and agents when there is a desire to sell now, but the offers received are not quite at the price required. Our charity partner has completed transactions in 40 states over the last 20 years with a roster of tax lawyers, MIA appraisers experienced with real estate gift donations, and asset management.
Like the 1031 Exchange, Section 170 donation sales were established by the government (100 years ago) and are overseen by the IRS. A bargain sale is a transaction involving the a non profit charity (501-c-3) where the charity is paying a portion of the price in cash with the owner getting a tax deduction for the difference between the cash received and the IRS donation appraisal. The appraisal is not based on the sales price, but rather the market value as if the seller was under no compulsion to sell and with more emphasis on replacement cost. Simply stated, the appraisal can be more than the current list price or charity sales price and we only use MIA appraisers experienced in the IRS Bargain Sale standard which is quite different than a typical mortgage appraisal.
Contact us to work up a scenario for your property or listing and you may find the net seller proceeds on an after tax basis are much higher than the current offers on the table.
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