10 THINGS YOU NEED TO KNOW ABOUT SELLING YOUR BUSINESS OR PROFESSIONAL PROPERTY

Our extensive Commercial Real Estate Brokerage experience will insure that all of these questions are answered. We will stay with you from beginning of the marketing process through escrow and even afterwards if you would like another property to exchange your tax deferred funds into.

We have extensive resources to help answer any questions that you may have. If we aren't qualified to give you advice we will tell you that. Instead we will give you recommendations as to professionals or the type of professionals you need for expert advice.

We are proud of our very personalized service customize just for you.

Call us any time for a free price opinion on your property. There is never any obligation on your part.

We want to be of help and we want to work for your best interests.

1. What's your property worth? That's not necessarily what you would like it to be worth. The market dictates its value, not the past nor the future, only the present.
2. Have you chosen the right Broker? Is that person experienced in Commercial Real Estate? Does that person have a track record selling the type of property that you are selling? Are they experienced in negotiations and dealing with a myriad of real estate issues?
3. How and when will the property be marketed? How many data bases or multiple listing services will it be put on? Will a sign be put up? Will flyers go out?
4. Is your Broker easy to reach? Does that person communicate well? Will you be leaving messages and waiting for days for an answer?
5. When an offer comes in the price is usually the first thing people look at but it is not the only critical part of the contract. How long are the contingency periods? How big is the earnest money deposit? How long is the escrow? Who is the escrow and Title Company that is specified? How long do they want to obtain a loan? How much does the Buyer want you to pay for?
6. Is the Buyer qualified? Do they have the money in hand or do they have to borrow it or wait for another property to close?
7. Does the Offer or Counter Offer protect you on the items you are obligated to pay for? Are there definite time frames or are some left open?
8. Once escrow is opened you need to know if the Buyer deposited the earnest money deposit. You also need to know if the Buyer is conforming to the deadlines in the contract for inspections, loans and so forth. Are you making the proper disclosures required by law or the contract?
9. Has the escrow account been audited prior to the closing date to be sure that everything has been done to prevent a delay in closing? Has the Buyer submitted all of the property paperwork including an insurance binder? Does the escrow have instructions as to how to pay you, via check or wired funds?
10. What are you going to do with your funds after close of escrow? Do you wish to enter into a 1031 delayed exchange for another property or will you take the money and pay your taxes? If you intend to enter into a 1031 exchange, escrow needs to be notified well in advance of the closing date so that proper paerwork is generated and fully executed before the close of escrow. It's a good idea to start looking to start looking for an exchange property in advance of the escrow closing.

Return to Swartz Commercial Real Estate '10 things' series