In diligence on retail property

[Sam B.]

Im current under contract on my first deal.. and have 45 day diligence period

Its a retail property in NJ that is 3 units and occupied by mom and pop tenants. Unfortunately NJ is not allowing non essential businesses to be open, so all the tenants are closed.

Since I’m new to this, I am not sure how to proceed as I have two issues..

1) tenant strength is different vs when I agreed to this deal a few months ago

2) it’s impossible to do tenant interviews, inspection, etc given current conditions

I had my lawyer draft a extension addendum and seller agreed to a 15 day extension, but it’s such a short period extra and doesn’t address the tenant strength issue I am facing.

I think I need to go back to the seller and ask for more help here, and I want to minimize cost till I have more certainty. Could you guys give me your thoughts on what to ask for which would address these issues? Any other advice?

Much appreciated