buyer wants to go straight to escrow

[Lesley Stoll]

I’m selling my commercial property. I’m closing my business and no longer need the property. Currently have over 80% in equity. I’m not a real estate investor by any means so this is a first for me besides the home I live in. Buyer is asking to go straight to escrow since we both agree on the deal. What is the downside to this? (I’m planning on doing a 1031 exchange) 

[Wayne Brooks]

Well, whenever you sign a purchase agreement, you are “now in escrow”….just sounds like a semantics thing. If you want to do a 1031 exchange you want have as much time as you can get before “closing” to start finding your replacement property, and hopefully have it under contract.

You’ll a Qualified Intermediary like @Dave Foster to handle the 1031 part, he can chime in with suggestions.