House Buyer Directory Glossary
1031 Exchange This refers to a portion of the IRS code also known as a Like Kind Exchange or Starker Exchange. This specifies that if a property is sold and the proceeds of the sale are investin in an asset of like kind, then no gain or loss is recognized. This is a very effective way to defer taxes that would otherwise be due on the sale of a property.

1-800-CashOffer A network of professional home buyers that adhere to a code of ethics. See more at 1-800-CashOffer.

401(k)/403(b) An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. 401(k) plans are provided by employers that are private corporations. 403(b) plans are provided by employers that are not for profit organizations.

401(k)/403(b) loan Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Loans against 401K plans are an acceptable source of down payment for most types of loans.