Funding available prior to Purchase Agreement
Hey Everyone,
i was chatting with my broker today about a commercial property that I wanted to make an offer on. The plan was to raise the funds from investors after the offer had been accepted. My broker told me that as of Jan 1 the new PA contracts have to show the money available-in other words, the funds all have to be ready to go prior to the acceptance of the offer. this seems incredibly difficult to do since it would mean having the investors money in place without the deal wrapped up.
has anyone else experienced this issue with PA's? what the best step by step process to present to an investor without a deal in escrow yet?