J.P. King, API reach agreement for use of auctions in 1031 exchanges

BIRMINGHAM, AL (April 27, 2006) -- API clients using 1031 reverse exchanges and improvement exchanges will now have the option of selling their properties in a J.P. King auction.

Under a cooperative arrangement between Asset Preservation Inc. (API) and J.P. King Auction Company, the use of auctions will be offered as a way to accomplish the sale of properties within the 180-day exchange period required under 1031 regulations.

“Reverse and improvement exchanges are extremely powerful tools that provide benefits to investors through tax deferred exchanges, but the requirement that a relinquished property be sold within 180 days can present a challenge on certain properties,” said Javier G. Vande Steeg, president of API.

“Because J.P. King’s entire auction process takes place in half that time, an API client can enter into an exchange with confidence, without the uncertainty that can occur when a buyer fails to materialize as the deadline for a sale draws near,” he said.

“Real estate investors have found 1031 exchanges to be a powerful tool, and the use of an auction can ensure the completion of such a transaction,” said Craig King, president of J.P. King.

“In an ordinary listing, buyers tend to move on their own timetable, and when they do make an offer, it often has troublesome contingencies. Our sales are contingency free,” said King.

J.P. King, based in Gadsden, Ala., is the nation’s leading auction marketing firm specializing in the sale of homes, ranches, condominiums, land, developments and other high-value properties. Recent sales have included development land in Colorado and Pennsylvania, as well as condominiums and home sites in Michigan. Individuals seeking additional information may call J.P. King at 800.662.5464 or visit the company’s web site at

API has performed thousands of reverse and improvement exchanges over the past 15 years and is a subsidiary of Stewart Title Company. Individuals seeking additional information about API may contact its headquarters at 800.282.1031.

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