He has been successful in the commercial real estate brokerage business for over 30 years involved in over 2.5 billion dollars of sales and leases. He and his firm have extensive experience helping investors and lenders in past down cycles. Among other acquisition and recovery services Bull Realty is currently selling notes and foreclosed commercial properties for 74 lenders and servicers.
With that expertise, Michael offers his best advice on investing in foreclosures.
Top 10 Tips For Acquiring Foreclosed Commercial Properties
- Show proof of funds with purchase offers.
- Make offers all cash with no loan contingency whenever possible.
- Have funding arranged prior to offer including show-me-money.
- Include large earnest money payment with offers placed in safe escrow.
- Illustrate past performance of acquiring properties with offers.
- Make offers in contract form rather than letter of intent.
- Complete due diligence before offer as is practical.
- Offers should have the fastest closing possible.
- Consider cram down offers as joint venture with current owner prior to foreclosure.
- Utilize an experienced, connected broker specializing in the property type.
Michael Bull will be speaking at the October 2, 2010, “How to Profit from Foreclosure and Other Real Estate Investments” with Ilyce Glink, Andy Heller, Ricky Novak, Shannon Judd, Wes Moss and others. Make sure you buy your tickets now!
Follow Michael Bull on Twitter at http://twitter.com/bullrealty
Buy your tickets to the event here: http://howtoprofitfromrealestateinvesting.eventbrite.com/ Don’t forget our VIP ticket which includes the Podcast of the event and a special investing eBook package.