I’ve learned over my 46 years of doing tax deferred exchanges and employing the game plan that I’ve laid out, the 45-day to close game plan…there are some real danger phrases.
If I hear “I just can’t decide” or if I hear “I haven’t seen it all. Gosh you’re asking me to make a decision. I haven’t seen it all.” Hey guess what, you’re not going to see it all. That’s why you’re using me. I have screened the inventory that’s out there. You’re seeing the best of what’s available for the time frame that’s there.
And “I only like one property. Gosh, I don’t like these other ones.” The ‘one and one’ only syndrome can be really deadly. What happens if you just can’t get it done on that one property? They pay the tax. You have to force them to think there could be another property other than just this one.
“What if a better one comes along?” Well guess what, you only have a 45-day period. You’re issued 3 fishing poles, you can fish any stream in the United States. Don’t go into Canada, don’t go into Mexico. You can’t do a tax deferred exchange there.
If you hear any of these danger terms, stop immediately. Re-counsel immediately, tell them the consequence of what’s going to happen.