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Updated over 6 years ago on . Most recent reply
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Closing is tomorrow! Reverse 1031 question.
It’s rare that I have a real estate question that doesn’t return useful results on a simple search in BP.
This doesn’t.
So here’s my situation:
I’m closing on a duplex tomorrow.I went under contract on it 6 weeks ago.
However,I recently found last week that I have other pressing needs for the cash I was going to commit for the downpayment.
So 3 days ago,I asked my agent to list one of the other properties on my portfolio for sale in order to raise that cash.
Except that I suddenly realized I could have done things in the exact reverse order and just 1031 exchange the properties while holding the cash I will now be wiring tomorrow as downpayment in the duplex purchase for my other liquidity need.
I called my attorney.
He says there’s actually something called a reverse 1031.
But he’s not sure if things can be arranged in time now since the duplex closing is tomorrow.
Has anyone else done a reverse 1031?
How long did it take to set things up?