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Most taxpayers know about the tax-deferred benefits of 1031 exchange but many are not as familiar with reverse exchanges. A reverse 1031 exchange is a strategy used when you want to acquire the replacement property prior to conveying title of the relinquished property to a buyer. The most common situations leading to a reverse exchange are as follows: You have found the ideal replacement property but have not yet sold or closed on your relinquished property.You must settle on the replacement property or lose substantial down monies and/or favorable financing.A Buyer of your relinquished property has not been found or falls through at the last minute and the closing on the replacement property cannot be postponed without jeopardizing the transaction