The pitfalls of property exchanges

With the number of bargain properties now on the local real estate market, you would think both investors and owner-occupants would be racing to take advantage of attractive deals.

While many potential homeowners -- especially first-time buyers attempting to beat the Nov. 30 deadline and take advantage of the $8,000 federal tax credit -- have re-entered the market and have made compelling offers to purchase Puget Sound homes, investors have been reluctant to capitalize on reverse tax-free exchanges.

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