buyer wants to go straight to escrow
I’m selling my commercial property. I’m closing my business and no longer need the property. Currently have over 80% in equity. I’m not a real estate investor by any means so this is a first for me besides the home I live in. Buyer is asking to go straight to escrow since we both agree on the deal. What is the downside to this? (I’m planning on doing a 1031 exchange)
Most Popular Reply
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
- 13,512
- Votes |
- 23,418
- Posts
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
Well, whenever you sign a purchase agreement, you are “now in escrow”….just sounds like a semantics thing. If you want to do a 1031 exchange you want have as much time as you can get before “closing” to start finding your replacement property, and hopefully have it under contract.
You’ll a Qualified Intermediary like @Dave Foster to handle the 1031 part, he can chime in with suggestions.