How to complete my first commercial REO deal

[Jerrold Stallworth]

Hi all,

I'm a Realtor in Chicago.

A friend referred a customer to me who wants to buy a small storefront, which happens to be an REO property on the Chicago's South Side. He has spoken to the bank, agreed to pay their price and terms, but the bank insists that he goes through the Realtor thats handling this property. Because he has had problems with them he wants me to complete the transaction for him.

My question is what do I need to have before I call the Realtor or bank to get the ball rolling on this deal? I've never done commercial but this is a small property no more than $30K and the customer has told me the bank is ready to go.

Any and all suggestions are welcome. Thanks.

[Wayne Brooks]

Your client's attorney wants to be the driver, but he's putting the horse before the cart. Get an executed purchase agreement giving the buyer an acceptable due diligence/inspection period, with the seller of course delivering clear title. Then, if everyone agrees, start the title search, etc.