When buying commercial property, what information do you need to have from selling broker?

Need to know what to ask the broker when buying a commercial property!
In Buying Property - Asked by Betty S. - Mar 12, 2010
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Answer(s)

Doug G.
Broker/Agent
Chandler, AZ

As an owner user, you need to consider the building as a "tool" to help your business succeed. One of the first questions is whether the price will fit within your budget parameters. Second, is your intended use allowed under the existing zoning of the municipality in which the property is located. Third, do the physical aspects of the property satisfy your business requiremnets (location, ceiling height, power, utilities, ingress and egress, space layout, etc). If the "tool" is not right for your business the cheapest facility can be the worst facility.
If for an investment, do the real numbers for the property match your investment parameters. Do not be mislead by "potential" or "proforma" numbers. There is usually a cost to go from "actual" to "potential" and this must be factored into the nvestment decision.
Doug Groppenbacher, CCIM, CIPS
Phoenix, AZ
Office direct: 480.905.2986
email: doug@groppenbacher.com

Mar 13, 2010
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Stan D.
Owner/Investor
Hinsdale, IL

When you're buying for an investment, the most important intial information is the operating statements for the last two years and the current rent roll.
Is the Net Operating Income consistent with the operating statements and the current rent roll?
When buying income property, the most important information is the current Net Operating Income.
Stan D, Principal

Mar 14, 2010
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Stanley M.
Broker/Agent
Bloomingdale, IL

1. Call BR Business & Loan Brokers at 630-295-9461, ( 24/7 )., 2. Price and how did you arrive at the price?, 3. The age of the Real Estate and the Taxes? 4. The Zoning?
5. Amount of Mortgage Owed?, 6. Any tennants with Leases if applicable, and expiration dates? 7. Any Back Taxes Owed? 8. Copies of Recent Real Estate Tax Bills?
9. Any Recent Appraisals? 10. Equipment List. 11. Any pending litigation? 12. Are you the Listing Agent/Broker? 13. How Long on the Market? 14. How much price flexibility? 15. Any Seller Finance available? 16. Any Known Defects?

Mar 21, 2010
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