What do you Need to Know Before Making an Offer?

What do you Need to Know Before Making an Offer?

Your commercial agent and your attorney should help you develop the list of things you need before making an offer, but here are just a few to consider:
Are you qualified for the mortgage?
Will the building meet the current and future needs of your business?
Is the building zoned for your use?
If the building needs zoning changes, what kind of cost and timing is required?
What entity are you going to buy the building in? Talk to an attorney about this decision.
What information do you need to know about the building before moving ahead with the purchase?
How old is the building?
How old are the roof and mechanical systems?
Who do you make the offer to?
Have your attorney or commercial real estate agent draft a letter of intent with the terms you are offering.
Create contingencies for phase 1 environmental or possibly a phase 2 with the required timeline to get these approved.
One could think of many more contingencies. This list isn’t meant to be all inclusive.

About the Author

Lynn Drake’s status is well known in the industry: She’s the commercial realtor focused on maintaining “true north” for her corporate clients. It’s a reputation built on 35 years of commercial real estate experience. Lynn became a commercial realtor in 2001 after 15 years in corporate real estate. Thus far in her career, Lynn has successfully completed over 1,500 real estate transactions ranging from small business tenant leases to the sale and purchase of industrial complexes.