This is a great Question and as you can see in responses, every market is different, some markets are seeing a slowdown and in other areas are still crazy.

Should I reach out to other agents before jumping and doing business with the first agents response?

@Mike Cumbie your response to @Dave Carella was spot on from this broker's perspective. :)I used to list, negotiate and represent buyers of short sales back in the hey day of the market crash. 

It is common that when we purchase a property that is in a community that has a HOA that I am responsible for up to six months in the rears of HOA fees.

Thanks again for the responses!

I wrote the above for informational purposes.

@Jared Pruett Good responses from other agents above.

Thank you very for rapid response.

That would defer the tax on the other 50%.The only fly in the ointment I can see is that when your parents were buying that property initially to finish up the first 1031 they had to have the intent to hold it for investment purposes. 

Thanks for your time in reading this and any response you have is appreciated!