1031 Exchange / Propery Appraised Or 90k Less Please Any Advise
i am in the process of doing a 1031 exchange, i have exceed my 45 days and is in the process of getting a lender, however, i just received notice from the broker that the property appraised for 90k less. i am stuck with a bigger problem. i have identified 3 properties and have to put down 20%, if i get out of this 90k over prised property i have to pay 87k tax, what will be the best way to do this as the seller will not renegotiate the sale price, and the broker tells me now after all this time that he had told the listing agent that it is listed too high! how convenient only telling me know. any suggestion please.
thank you for the responds. i have identified a total of 3 properties for this once exchange. totalling to 620k, of which one of them is 290k, if i do not close this one, i will have to pay taxes on 255k that is the difference from the full 1031 exchange.