1031 exchange

[Patricia Franciulli]

I received an offer on a house with 1031 exchange. I do not have no experience with it.

Brought the house for 108k and invested 7k rehab.

Have it for sale for 195k.

This home appraises around 180k and I was trying to play high offer on it as it rented section 8 for $1250 and I get my rental every month even the tenant sucks.

They offered me 186K with 1031 exchange and I have another offer for $180k cash which they want me to evict the tenant before escrow closes.

The 1031 exchange offer does not require the tenant to move ( the secret is I do not mind to evict the tenant because she is a pig but I wish I did not have to waist my time with that lady).

I will counter offer both buyers and try to get full price on it as I noticed they both are in love with the house.?

Can you guys guide me with positive comments regarding accepting or not this offer and how 1031 exchange works? If it can get me to pay more on closing and what words should I put on the contract before open escrow?? Does 1031 drags escrow to a long time?