Recommendations and Tips for a Commercial Purchase
I'm researching ways to purchase a commercial property in VA with limited liquidity and average credit (650-680 range). The Seller owes about $110k and the locality assessed the property at $187k in January 2020. Is anyone aware of some creative ways to secure this property other than conventional financing through a bank. This post is to inquire about the feasibility for alternative options such as: 1) Seller financing or 2) loan assumption. Due to the REALTOR® designation, the Seller is willing to cover the Buyer down payment in the form of a commission and credit the closing costs. Essentially, this allows acclimation of the property with no money down but, again, will a bank/lender be willing to allow this form of payment?