Jeff and Paulia Kennedy ~
Hot Springs 1st Choice Realty
135 Mall
Hot Springs, AR 71913
Phone: (501) 655-6247 Email Jeff and Paulia

Frequently asked questions about buying


Should I get an inspection on the home I'm thinking about purchasing? Yes!  You need to know exactly what you are buying.  It could be very disappointing to find out after you have purchased your new home that you are going to have to spend lots of money for unexpected repairs.

Should I get a survey on the property I'm planning to buy?
If the property is not in a platted subdivision, we would definately recommend a survey. If the property is in a platted subdivision, and there have been any improvements made to the property, we would also recommend a survey.

What are the current interest rates?
Please check with your lending institution.  Each individual gets a different rate depending on several things, ie. the rates on the day you apply for your loan, your credit scoring, the condition of the home, the price of the home, the location of the home, etc.

What is a tax-deferred exchange?
A Section 1031 Exchange is method by which a property owner trades a property for a replacement property of "like-kind", while deferring the payment of federal income taxes and some state taxes on the transaction.
       What are the benefits of exchanging vs. selling?
      A 1031 exchange allows you to postpone taxes due on a sale of qualifying properties, which means more money is available to invest in another property.  Any gain from depreciation recapture is postponed.
       What are the general guidelines to follow?
      The value, equity and debt on the replacement property must be equal to or greater than the value, equity and debt of the relinquished property.  All of the net proceeds from the sale of the relinquished property must be used to acquire the replacement property.
       What are the time restrictions on completing a 1031 exchange?
      A taxpayer has 45 days to identify potential replacement properties.  The entire exchange must be completed within 180 days.
If you are interested in more information on 1031 exchanges, we have provided several good websites here: (click on the following links)
http://www.1031.us/Home/ 
http://www.1031.org/about1031/faq.htm 
http://www.equitypreservation.com/1031.html 


What are the steps required to obtain a boat dock for my property on Lake Hamilton?
All facilities, structures and activities placed on or over Entergy's shoreline lands or the water require a permit from Entergy prior to installation or placement.  Examples include boat docks, seawalls, riprap, boardwalks, PWC docks, piping for irrigation systems of HVAC geothermal loops, etc.  You may contact the Lakes and Property Coordinator of Entergy at (501) 844-2148 to request a permit application packet.   Entergy also has a quarterly newsletter that is full of good information about Lake Hamilton & Lake Catherine ... be sure to ask to be added to their mailing list.

Why Choose a REALTOR® With a CRS designation?
Buying property is a complex and stressful task. In fact, it's often the biggest single investment you will make in your lifetime. At the same time, real estate transactions have become increasingly complicated.  New technology, laws, procedures and the increasing sophistication of buyers and sellers require real estate practitioners to perform at an ever-increasing level of professionalism.  So it's more important than ever that you work with an agent who has a keen understanding of the real estate business. The CRS program has helped the best and the brightest in the industry achieve that level of understanding.