Monday, February 26, 2007
1031 Exchange time contraints
45 days!!! I'll never find a property in such a short time. Perhaps, yet most investors have much more time than that. At the point you have a buyer making an acceptable offer on your to-be-relinquished property, is when the real clock starts. You should figure 30 days for a simple close of escrow plus the 45 days after. 75 seems better than 45. What savvy sellers do also, is to ask for one or more extensions on the sale at the seller's discretion. If the buyer is motivated, they'll consider this. A couple 30 day extensions is powerful. Best advice is to really understand the market in where and what you want to buy. Really you only need a few days with deep industry knowledge. Happy exchanging.