How can I buy the building I have my medical office in?
I lease space in this multi-tenant fully occupied office building and have the first right of refusal whenever it is put up for sale. However, the original owner could not keep up with his loan payments and passed on the 'deed in lieu' to the bank. The bank in turn sold the note to a real estate investor recently. The new note holder plans to foreclose/auction the property soon and wants to know if I am interested to buy. I am interested but not sure what my options are to buy this property. I guess my questions are:
1. What are some creative financing methods to buy this property?
2. What are my negotiating options to get it at a good price?
3. At what stage of foreclosure/auction shall I put my bid in?
4. Can I get a loan against the building and its tenancy (one being my established practice+other lessee good for next three years)?
Any other ideas will be really helpful as well.
Thank you in advance!