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Lori K | Any Realtors want to tackle this question? What are your thoughts on this situation? |
I'm considering buying a commercial property in another state. It's a depressed, rural area with a charming "old town" area that is starting to make a comeback. There are numerous properties for sale, but one that appealed to me. There is a leaking roof and a saggy ceiling and structural supports which appear to have been removed.
Anyway, I've contracted with a structural engineer to give me an analysis of this 150 year old building. I know I'll have to pour money into it anyway, but I don't want to attempt to restore something that is not structurally sound.
The realtor told me that there is a tenant. There is not and hasn't been for some time. She has tried to get me to cancel a structural analysis. She says it's too "expensive". Today, 3 days before the analysis is to be done, she called and said an offer has been made on the property and did I want to make one too. I have no intention of making an offer without th analysis, but I suspect there is no offer. Opinions?
Additional Details
Just to clarify. I am NOT a sophisticated real estate investor and we weren't actually planning to purchase this entirely as an investment. The idea was to rent out the commercial space on the bottom and renovate the top floor into a loft apartment. The 15 foot ceilings and the 2800 square feet just intrigued me. I've also never lived in a "town" area...but on farms. It sounded like fun and a bit of an adventure for my husband and I. We are in a financial position to keep our current home and to have a manager run our farm. We figured we'd live in this "old town" type area for 5 years or until we tired of it and then rent out the apartment and find something else -- holding onto the property as an investment.
It's starting to look more and more like a very bad idea. |
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acermill
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Your suspicions are most probably correct. For starters, this real estate agent lied about the existence of a tenant. Second, there is a reason she does not want a 'structural analysis'. The laws of real estate disclosure in most states require ONLY that the seller disclose situations of which he has knowledge. Guess what happens after your present the result of your structural analysis ? Yep, you're right. The seller NOW has knowledge of defects, and must disclose them legally.
Feel free to make an offer for the property, BUT insist that a contingency in your offer be included that the property must pass YOUR requirements of the results of a structural analysis, plus any other contingencies which you consider appropriate. In this case, the agent MUST present your offer to the seller involved, and it's then up to the seller whether or not to accept with your contingencies.
(And you're also correct. Chances of another offer in existence are slim to none, or there IS an offer with instructions similar to what I have suggested to you.) |
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Expert Realtor
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I am with you on this one...I feel that she suspects that there are more problems with the property and knows that it won't be feasible for someone to come in and fix it up without a substantial investment.
However, I wouldn't want you to pay for a structural analysis if there really is an offer on the table (which I suspect there isn't).
Call the Realtor and say, "Oh, I just want you to know since there is another offer on the table, I went ahead and cancelled the strutural analysis...I just thought I would let you know. I hope your closing goes well for you!"
You'll find out real quick if she's lying or not.
If she says nothing and doesn't call you back, then cancel the appoitment with the engineer.
That's how you play that game |
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SuperCactus
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If the agent is working for a real estate brokerage call and ask to speak with the managing broker. Relate what the agent's action and ask if he agrees. You may find this is a problem agent.
In commercial real estate you are swimming with the sharks and none of the legal protections found with resident ail real estate. |
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gvh
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I'm not a real estate agent but I have had a lot real estate.....I suggest you run..hide..cancel all communication with that agent. This deal sounds like they are trying to take you for a ride....It has nothing but trouble written on it..... |
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hanora
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I'm used to multiple offers, for me the red flag is wanting you to cancel the structural analysis. I'd drop her. If you don't make everything in the future by e-mail so there is a paper trail.
I'm a realtor who insists that buyers have inspections. |
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jenniferma315
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I agree with Super...
Call the agents company and ask the associate broker... aka the Team Leader. |
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â—„|| G ||â–º
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Don't fall for bullshi_t tricks. Their incentive is to sell.
Sounds like a shady deal and I would not do it unless I know what involves in fixing it.
If there is a proposed buyer then they are into allot of trouble that you should not get yourself into.
Generally commercial property generate very little profit unless the real estate in the area booms or you struck a luck. Not to mention that bank loans are at their highest percentage for the higher risk that is involved.
Be very careful. |
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Ray C
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Get in your car and drive for about 3 hours AWAY from this building and then stop and thank your lucky stars you passed up this nightmare. You are talking about structural problems when you should be talking about financial problems. Get an HONEST commercial broker to help you do a financial analysis. You will also need the services of a structural angineer ( you did that right!), an experienced general contractor,a good lawyer (What kind of entity are you going to own this with?), a tax consultant and if you can find one, a sympathetic commercial investor.
Your letter sounds like you are not a sophisticated real estate investor. If you are in a sizable city, search for a REIA, real estate investment association. They can be a tremendous help and may save your neck. By the way, I am a Realtor, architect and real estate investor, seasoned by fire.
But don't give up. Real estate is a great way to build wealth. |
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Terry S
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I would NEVER buy a property without the structual analysis.
Most likely the Realtor is blowing smoke about another offer, she is just trying to hurry along the process before you find out something major is wrong with the property.
Terry S.
http://www.Welcome2Arizona.com |
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