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Updated about 4 years ago,
Advice needed on making offer for commercial building, condo conv
I would very much appreciate feedback from experienced developers.
How do experienced developers make an offer on a building knowing that it would require 30+ days for due diligence to see if the project is feasible? I would I secure the option to buy with the understanding I could back out in 30 days for any reason while I assess the project. I won’t be doing an inspection on the building.
The building is about 12k sq feet with architectural plans already in place to convert to 12-14 condos. I walked the building with experienced contractors last week and they will provide an estimate of the cost. There are other elements of the deal that I have to assess like parking, tax credits, speak to the city planners, bank lending structure etc that I estimate will take 30 days to evaluate whether the deal is good or not.
Thank you.
Michele