1031 Qualified Intermediary in NH

[Matt Herbert]

Hey all,

I'm doing my first 1031 exchange. I'm selling a piece of land I've held for the last 13 years, and putting it towards a SFH. I was not originally intending to do an exchange, but a FSBO showed up on my radar earlier this week, and I ended up putting in a offer that was accepted last night.

My timeline is tight. I'm closing on the land sale on Feb 5th, (been under contract for a while). And the FSBO needs to close by the 16th, because they are being foreclosed on by the 18th.

I need a Qualified Intermediary ASAP. I've read that it doesn't have to be somebody local because it's federal regulations. However, given the extremely tight timelines, would I be smarter to use a local intermediary?

If anybody has recommendations for a good Qualified Intermediary in New Hampshire, I'd appreciate it.

Also, if some of the BP 1031 experts (eg: @Dave Foster or @Bill Exter) could chime in, I would be grateful.

[Bill Exeter]

Hi @Matt Herbert, 

There is no need to use a local QI.  Most QIs do everything via email and secure file uploads today, so locality does not matter.  It would only be a personal preference.  

[Matt Herbert]

@Bill Exeter, how about the timelines? Is it doable in that tight of a timeline?

[Dave Foster]

@Matt Herbert, The key is only that you must close your sale before closing your purchase.  So. your timelines are more than ample.  The best time for a QI to get involved is as soon as you get a contract for sale.  But most of us are used to the last minute request (It's where I got the gray hair :). As long as the QI is in place prior to the closing of the sale you're good.  

It's really about trying to respect the closing title company or attorney as much as possible.  You've got plenty of time.

[Bill Exeter]

Hi @Matt Herbert, 

Yes, the turn around times are not affected by the location of the QI.  Everything is electronic today. 

[Will Stewart]

@Matt Herbert

If you’re looking to “shop local” I’ve used Edmund Wheeler Inc out of Franconia. They’re great. But as others have said, it’s all done over the phone and electronically, so not entirely necessary. 

[Bill Exeter]

You need to be careful when evaluating and choosing your Qualified Intermediary.  Most Qualified Intermediaries have no government oversight of any kind.  Most of the Qualified Intermediary failures over the years could have been prevented with regulatory oversight.