What's a typical feasibility/option period for a small residential with commercial use?

Buyer is asking for 60 days and I think that is a bit long...
In Selling Property - Asked by Pamela E. - Aug 11, 2013
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Answer(s)

Michael C.
Broker/Agent
San Leandro, CA

It depends on the curreent zoning and uses permitted for the property. They may have to get a variance or notify the immediate neighbors. They might have to have a public hearing.
Getting on the calendar could easily take longer than that.
Whether the buyer has indicated what their intended use is or not, you can do your own due diligence and find out for yourself what is involved to get approvals if they are required.
Is it a typical SIC industry use where there is a lot of data or does it require original research. check the us census bureau for SIC data.
Considerations like Determine traffic count, neighborhood need or acceptance for their product or service, excessive competition, etc.
Consider the buyers level of experience in doing feasability study. Is this their first and only time attempting this? Are they working with a consultant?
Maybe they are just asking for 60 days and only need 30-45 days.
What about some non refundable option or other consideration beyond 30 days?
60 days does not seem unreasonable.

Aug 12, 2013
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John P.
Broker/Agent
Glen Burnie, MD

It is negotiable to the point of losing the deal. Shorten it as you desire. Common sense rules.

Aug 18, 2013
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