Posted by Eric Evans on December 17, 2003 at 20:32:40:
I would get them to write an open ended contract if financing is already available, saying as long as you bring a check for this amount its yours. Then go to the bank and get the money to show them. If you know you want it walk in with cash in hand.
Controlling property - Posted by LS
Posted by LS on December 17, 2003 at 11:58:41:
Not sure what title to put on this post but hoping you guys can help me. I have a great opportunity to purchase commercial Real estate. I have all the financing lined up and that is not a problem. What I need to be able to do is get the sellers/brokers of these commercial properties to sign some type of contract that allows me to purchase the property without having to put up any earnest money. I am getting 100 percent financing, and no it’s not the typical 100 percent financing, but I do not have say 10 percent which someof these brokers are asking for to put down up front. The properties I’m looking at are in the 30 million dollar range and I’m planning on buying 2 of them. I’ve been told to use a non-exclusive option or a letter of first refusal, but when I mention this to the broker they practically hang up on me! I need an agreement of some type so when I meet with the bank they know I have the property locked up and they will hand me the money, it’s that simple. any advice would be greatly appriciated, otherwise I might have to use the old baseball bat to the knee technique. Thanks.