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Commercial Real Estate Pro Network

Commercial Real Estate Professionals who work with Investors, Buyers and Sellers of Commercial Real Estate. We discuss todays opportunities, problems & solutions in Commercial Real Estate.
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Now displaying: Page 1
Mar 17, 2020

Darrin: (00:09)
What is the BIGGEST RISK?

Toija: (00:13)
So the saddest, I'll give you the saddest phone call we get in this office. My sale closed yesterday. I want to do a 10 31 exchange. So the BIGGEST RISK is not talking to an exchange company and they get fixated on the 45 day deadline, which as I said is the worst deadline. But the biggest risk and the worst case scenario is they don't talk to a 10 31 exchange. They'd been on the internet, they've read all about it, they have it all figured out and they got the 45 ways and they call us after the sale has closed.

(00:52)
We cannot fix that, we cannot fix that. And so the biggest risk is not being willing to talk to an exchange company, um, as part of their due diligence. And I will say again, like there's three attorneys in here and they don't want to talk to us cause they're afraid there's billable hours, which there isn't, but they're afraid there are.

Speaker 1: (01:12)
And so they will not call us and engage us and don't want to bother us and they don't want to take up too much of our time and they won't talk. And then by the time that we end up talking to them, the sale has either closed, or there so far down the wrong path, we can't fix it.

(01:28)
So I go back to my original statement that when they have half a thought in their head, they don't even know the words to put together in a sentence what questions even to ask us. We have the questions, we'll ask the questions. So the sooner they talk to us, the better they'll understand the path. Now when they talk to us, that conversation can go 15, 30 45 minutes, a few weeks, days and years sometimes. But the sooner they're in line communication with us, the sooner we can keep them on the path and we'll keep talking and talking and talking until they have found the path that gets them to whatever their rainbow is. And so not talking to the exchange company and sometimes they're in a situation I can't fix. So the sooner, the soon as they're talking and certainly well before closing. Well before closing.

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