In Southern California, the real estate market is highly competitive. This is especially true for those interested in purchasing properties in the Los Angeles area that would enable them to offer in-demand commercial leases. A couple of tips may help with navigating commercial real estate deals in the Golden State.
First, financial qualification can help an aspiring buyer and his or her company to succeed when the perfect opportunity comes. A bank might have already verbally told a buyer that it is willing to lend this buyer money to purchase a commercial property, but this is not enough. Obtaining a pre-qualification letter that includes a comprehensive review of the buyer’s current financial snapshot is essential.
Another essential move is to remove contingencies. For instance, some buyers might actually have to sell their own properties before they can buy new ones. If this is the case and they include these contingencies with their purchase offers, their offers may end up getting overlooked for those of other buyers who are immediately ready to buy. In addition, having a liquid down payment can increase a buyer’s chances of having his or her offer approved.
Commercial real estate in Los Angeles offers great promises, but it can also be a big headache for those unfamiliar with the buying process. Even those who are familiar with it may run into new issues with every deal, as no two deals are the same. An attorney can help with navigating these types of deals so that one’s goal of being able to offer commercial leases in California will ultimately be realized.
Source: ocregister.com, “4 ways to win a commercial real estate deal“, Allen Buchanan, Sept. 2, 2017