This could be the beginning, and that is exciting.We will review the counteroffer, rerun all the numbers, revisit the house, and do our due diligence in greater detail but it is looking like our persistence has paid off.

Be careful and be thorough in your due diligence and inspections.

Rocky Li:I've only been involved in one deal with an estate (it fell through) and probate is quite likely different in Ca then CA ;)However, we treated it like any other property deal w/r to due diligence.

This is my first post.I was wondering if it is possible to convert a retail plaza owned by one owner to several retail condos owned by several owners.To do this I was thinking of buying a plaza and before the due diligence phase do all the paper work to convert it to a condo and flip it to individual condo owners who would see value in each of these units.

While it can be a red flag, as long as you do your due diligence on them you should be fine.

Great advice for Tim G.Commercial contracts usually have a "Due Diligence " period typically 30,60 or even 90 days.

Be diligent and honest.

First, as a broker, you should be much more diligent about paperwork, as now there are no records of disclosure (among other things), which could put you in a very bad spot if the seller decides she's not happy about the deal.Second, I would recommend getting a written contract that doesn't prohibit assignment and then just assign the contract to the end-buyer.

that's how I attack these. and if it looks decent there I would tie up the lot and then do the due diligence Karen is talking about..

Let's assume you do your diligence and the current use of the property is legal (no zoning violations) and there are no special/social use covenants {a social/general rooming house is an entirely different beast than one next to campus which focuses on students}, before you go forward, ensure you have multiple exit options.