Basic question on purchasing replacement properties

[Justin Summers]

I have sold 1031 and am now looking for replacement properties for the next 45 days.   I usually buy properties from wholesalers or directly at foreclosure auctions.   A few questions.

If I buy at a foreclosure auction at the courthouse. (Trustee sale)

1. Can I pay the 10% deposit from my own funds and then have the balance paid at closing by the QI?  Or do all the funds for the Purchase need to come from the 1031 funs the QI is holding? 

it just seems like a lot of trouble to get a cashiers check from the QI for the deposit on each foreclosure I'm interested in bidding on not knowing if I'm going to be the successful bidder or not.  For example $200,000 purchase / bid price - I pay the 10% deposit from my own funds $20,000 and the Qi pay the remaining $180,000 + closing costs at closing ?   Would like count as using $200k or $180k of my 1031 Purchase requirements? 

2. I have read that the seller (Trustee in a foreclosure) only needs to be "Notified" of the 1031 and doesn't really need to sign anything .. Is this true?  

3. Any other pitfalls with this other than the sale being delayed outside my 180 days for closing.

I also buy from wholesalers..  Can this work in a 1031? 

Wholesaler has the property under contract for $180,000 and is selling to me for $190,000. Can I pay him the $10,000 assignment fee either on the HUD or outside of closing and assume his contract? Would the $10,000 assignment fee be paid from my QI held funds or would they need to be paid from my own personal (Non 1031) Funds .

F