Hello BP's my name is Yolanda I am a newbie. I just discovered BP and felt this was a great place to get help. Okay so we own a commercial building and have had some inquiries to buy it. We don't even know where to start to quote them a selling price? Please help? Thank you.
Where is the property located? Also people will need to know details about the property if they are to help you. Sq Ft., occupancy, Rent per sq ft, etc.
If you can provide some of that info depending on where its located, I'm sure some in the area can jump in and help you.
If you're interested in selling then contact a local commercial brokerage company and invite one of them out to lunch. They have the database (CoStar) and experience to help you navigate all the questions and inquiries and get a fair market value (pre-appraisal) for your property.
Thank you Sam I will post with the additional information. Ryan I have at least 3 potential buyers with a possibility of one paying with cash. I am knew to Real Estate and don't know all the "lingo, terms, phrases, etc. Is there a difference between a Real Estate Company and a Commercial brokerage company?
Real estate company could be anything.
You could talking to someone in residential, land buyers,house rehabbers, developers etc.
A commercial brokerage company could focus on leasing, transacting, property management together or just on thing. Additionally they could only focus on one asset class such as retail.
The cash buyer you need to vet them and see proof of funds and if they will put up non-refundable money. Additionally you need to run an analysis on the other buyers offers how much higher they are than the cash one. If the difference is small say 20,000 then cash is king. If its hundreds of thousands difference and they want to get a loan with some down then you have to make sure it can appraise for that value. Otherwise the buyer will try and drop down the price and you might have been better going with the cash offer buyer in the beginning.
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