Catering to a seller wanting to 1031 exchange?

Question

My partner and I just offered on a medium sized apartment. We learned verbally the seller is wanting to 1031 into another property. Other than offering to be fluid with his 45 and 180 day limitations (identity in 45 days, close in 180), what else can we include in our offers to make them more appealing? I’ve never done a 1031, but I imagine there has to be something.

Bill B. · Answer

That should be the most important. ‘We can close as early as x/x/x we’re willing to close as late as x/x/x” if you’re super confident a “hard” (non-refundable) earnest deposit might show you’re more serious. (Seller doesn’t want buyer to back out after he finds new property or to force concessions, knowing seller has to sell.) which also brings to mind you could get all your contingencies out of the way as fast as possible so they know you’re going to close at the agreed upon price. (Inspections/financing/whatever...)

good luck.

John Barrows · Answer

Good call Bill! I was going to say the same thing! They can also set up the escrow now, so to only use one account to put the non-refundable EM in rather then having two accounts. Just keep up on the paperwork and time elements in the deal!

Dave Foster · Answer

@Pat Jackson, both great ideas from @John Barrows and @Bill Brandt. Other than your flexibility and the ability for them to use significant escrow funds to demonstrate their strength the 1031 really doesn't impact you. But just those two items will be a strong motivator.

Catering to a seller wanting to 1031 exchange?

Catering to a seller wanting to 1031 exchange?

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