Does this sound like a 1031 exchange strategy ?

[David Bittorf]

I’ve noticed some places near me selling at top dollar just to be put back on the market two weeks later for a couple thousand more. For example: a property normally selling around $630,000 sold for $651,000. Then put on the market 2 weeks later for $653,000. I’m thinking this is a 1031 deal where someone bought something they didn’t really want but felt pressured to buy to avoid taxes. Then, hoping to sell it to buy them more time to do another 1031. Even if they lose money, which seems like they will after closing costs, they don’t really care since they would have lost more to taxes on that money. But now, if it sells, they have another 60 days to identify another property. Is this correct?

[Caleb Brown]

1031 you have to hold it longer than a few weeks. Most likely buyer changed mind, that is weird