If you’re looking into furthering your business by purchasing a commercial foreclosure as an alternative way to buy property, part of the tips were covered in the first part of this article series
. Read on to find out what other tips you need to take note of when buying a commercial foreclosed property in order to ensure a smooth and seamless process.
3. Work with your realtor and lender closely. Having a functional, professional relationship with the people who will assist you in the process of buying a commercial foreclosure will help you with the process. Find out important information that will affect your purchase. For instance, if previous inspections have been made on the foreclosure property that you’re eyeing, if there are any repair fees that the bank has agreed to shoulder, any hidden fees you may need to pay, etc. You must also be very diligent about submitting necessary paperwork to the lender in order to be able to get a great bid or even negotiate on a good price for your commercial foreclosure.
4. Seal the deal. When you have provided the necessary research and paperwork, provided financial documents and other requirements, make your offer to the lending institution. If you are working with small banks, they may be able to accept lowball offers. On the other hand, bigger banks may not be open to negotiation at all.
Buying a commercial foreclosure does not have to be a daunting task. Follow these instructions and your investment is sure to pay off.