1031 Reverse Exchange - CA

[Alice Chen]

Has anyone done a reverse 1031 exchange, esp in CA? Do you have any advice for someone who intends to complete this type of exchange and a company that would do this?  
It's hard to buy homes in the bay area, so that's why I would like to do a reverse exchange.

I have a rental in the san francisco bay area that I would like to relinquish - the odds are really high that this rental will sell.  

1.  I would buy the new house first (using cash), then use a qualified intermediary to hold the proceeds right.

2. I am fine with whatever price my old, relinquish property will sell for.  I think the price will be competitive though.

thanks.

[Bill Exeter]

Hi @Ronairo L Wilburn, 

Just an FYI, the 1031 Exchange Qualified Intermediary industry has no licensing, registration or regulation.  The 1031 Exchange Qualified Intermediary industry has been asking Federal and state agencies for years to regulate our industry, but have not been able to get any of them to do so.  We are licensed and regulated because we went through a multi-year regulatory review and approval process in order to obtain a trust company charter.  We are licensed, regulated and audited by the Wyoming Division of Banking, not because we are a Qualified Intermediary but because we are now regulated by the Division of Banking as a trust bank.