As you search for commercial real estate in and around the New York City region, you will find one thing to be true: there are many properties to consider. On top of this, some of these properties may be in foreclosure.
If you are interested in a commercial real estate foreclosure, you will be faced with some unique challenges and circumstances during the buying process.
Even though this may add another level of research, as well as additional questions along the way, there are many benefits of buying a foreclosure. For example, the opportunity to get the property at a lower price exists.
Here are some tips, courtesy of Real World Seminars, that can help you acquire a foreclosed commercial property:
-- If possible, make an all cash offer as a loan contingency could harm your chances.
-- Complete all due diligence as soon as possible to avoid any unforeseen situations down the road that could change your strategy.
-- Include as much earnest money as you are comfortable with, as this goes a long way in proving you are serious.
-- Show your past experience and knowledge when it comes to effectively acquiring such properties.
These are the types of things you can do to better your situation when searching for and buying a commercial real estate foreclosure. You may still face some challenges, but your goal is to deal with these roadblocks in the best way possible.
To go along with the above, many commercial real estate investors work closely with their professional team – including lenders, brokers, and attorneys – to avoid common mistakes.
Source: Real World Seminars, "Top 10 Tips For Acquiring Foreclosed Commercial Properties" Nov. 12, 2014