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Updated over 7 years ago on . Most recent reply

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8
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Seepaul Paray
  • Patchogue, NY
0
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8
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Need help putting in my first offer on a mixed use property

Seepaul Paray
  • Patchogue, NY
Posted

Hello BP,

I'm looking for assistance on the proper steps when making an offer on a commercial property. The property is a 3 (2BR,1BA) unit apartment building with 1 commercial space currently occupied. I have ran the numbers, viewed the property and am ready to make an offer. Do I simply contact my agent and put in an offer? Ideally I am looking to put in an offer contingent on a DD/financing period of roughly 30 days. Is this common? After I obtain financing I would begin the closing process after the 30 days and begin third parties on behalf of the bank etc. Am I on the right track? My plan is review the leases and property more in depth while sourcing for financing. The market I am currently in is a hot one so I don't want to let the property sit out there. 

Any advice?

Thanks

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