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The Buying Process

1. Define basic requirements: 7 to 14 days
  • Size and layout
  • Expansion requirements
  • Down payment available
  • Mortgage terms desired
  • Image and quality
  • Geographical area
  • Intangibles
  • Goals and assumptions
2. Preliminary Analysis: 7 to 14 days
  • Preliminary market survey
  • Sales comparables report
  • Estimated mortgage calculations
  • Proforma cash flow analysis
  • Lease vs. buy analysis
3. Selection / strategy with support team: 3 to 14 days
  • Attorney
  • CPA or Financial Advisor
  • Space Planner
  • Mortgage Broker
  • Interior Design (if desired)
4. Determine alternatives available: 7 to 90 days
  • General market knowledge of "deals" available
  • Search of database / Commercial MLS
  • Verification of terms and conditions
  • Present list
5. Narrow down alternatives: 7 to 14 days
  • Inspection tours of likely alternatives
  • Selection of 3 - 5 best alternatives
  • Preliminary space planning of best alternatives
  • Selection of top alternatives
6. Analysis of alternatives: 1 to 7 days
  • Financial analysis
  • Layout efficiencies
  • Intangibles and goal analysis
7. Final selection: 7 to 90+ days
  • Choose top alternative
  • Establish terms required
  • Prepare and present Purchase and Sale Agreement
  • Counter offer as necessary
8. Contingency Period: 15 to 90 days
  • Review and note time requirements
  • Hire appropriate services
  • Do detailed inspections
  • Finalize financing
  • Make appropriate applications
  • Remove contingencies in a timely fashion
9. Closing: 1 to 7 days
  • Escrow Checklist
10. Tenant improvement or Renovation: 0 to 90 days
  • Monitor progress
  • Report progress
  • Final walk through check
Total Time Required: 55 to 430+ days
Realistic Time Frame: 120 to 180 days