Real Estate Attorney:
When buying commercial real estate, it’s imperative that you hire and work with honest real estate professionals, and in addition it’s never a bad idea to consult with a real estate attorney prior to final commitment. It’s unfortunate, but the commercial real estate industry like any other industry has individuals that are unscrupulous and dishonest and can cause damage to an unwary investor. Real Estate attorneys can assist you in avoiding the signing of a contract that you don’t understand, and advise you accordingly.
Commercial Real Estate Agent:
When deciding on investing in commercial real estate it should be understood that most investors rely on licensed commercial real estate agents/brokers to provide them with potential opportunities that may fit that particular investors criteria. It’s vital to an individual’s success to work with an experienced licensed CRE professional with real time knowledge whom specializes in the areas and product types of interest. Potential investors in commercial real estate should do their homework and research potential commercial real estate agents in there are. The agent you chose is someone that you’ll most likely be working with over the course of the next few months to a year.
In addition, commercial real estate agents are the life blood of the CRE industry, and monitor the tone of the market on a daily basis. A seasoned and sophisticated commercial agent or broker can provide you with current knowledge of the market, and has experience in negotiating price and contract terms and the strategy in presenting your offer. Successful commercial agents can also offers exclusive access to off-market commercial real estate opportunities that other investors may otherwise never had access to. A knowledgeable and experienced agent can also be the difference between consummating a successful transaction and losing out on an opportunity.
Commercial Loan Officer:
Along with locating a commercial real estate agent that you feel will represent your needs, it should be understood that as important as the agent will be during the course of any given CRE purchase your commercial lending agent will ultimately be the one that gets you the financing necessary to purchase the property, and working with the wrong lender can create serious financial consequences down the line.
Locating, and obtaining referrals on a particular lender is a tried and true method of hedging your bets against working with the wrong people. An experienced commercial lender can guide you in selecting the proper loan for your investment needs. In addition, the lending climate today has become a very difficult landscape to navigate, and the right lender will be able to assist you and make your experience that much easier.
Keep in mind regardless of how experienced your lender is the bank will require individuals to meet certain criteria prior to engaging in any sort of loan commitment. If an individual can’t meet those criteria’s, there is very little to no chance in securing the financing in order to purchase the investment property. As a good rule of thumb it’s wise for investors to speak with their lenders prior to negotiating, or executing a commercial real estate purchase agreement. The information your lender supplies you with based on your personal financials will go a long way in helping your commercial agent better understand your needs and ability to purchase a commercial real estate opportunity.
Always try to work with the same core commercial real estate professionals from beginning to end so they are familiar with your needs, and once you’ve selected both a commercial real estate agent, and commercial lender that you believe will best serve your investment needs you’ll be on your way and no longer need to know how to buy commercial real estate.
No related posts.