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Updated almost 6 years ago on . Most recent reply
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1031 and getting a credit at closing
I remember listening to a podcast here on BP, at least I think it was, that was talking about how this person knew the seller was wanting to 1031 so they offered full asking price but asked for a credit back from the seller. Basically getting the price he wanted but letting the seller get a better 1031 deal. I don't remember if there were more details or not in the podcast so this is just the premise that I remember. Can't find the podcast either...
Now I'm very new to 1031 so I have no idea how the actual details of that could occur or what had to actually happen. So I put an offer on a house yesterday and tried to write up a secondary offer similar to what I mentioned above. My realtor was adamant that that was not possible to do. Obviously, I don't know enough about 1031 to argue with her so I just backed off that approach and put it up to me misunderstanding. So my question is who is right? Is this credit thing I mentioned above not legitimate or maybe I am misinterpreting it? I just want to make sure I fully understand this. Regardless of who's right or wrong.