Has anybody done a short sale to a commercial property ? if so are the contracts the same as a traditional short sale contract
Hi,
You want to use a commercial contract rather than a residential one.
Also your “Hardship” will be a little different as your needing to show changes to the commercial market, what temporary factors caused the reduction of value and what mitigating factors cause the current owner to need to get out. Your going to show financial effects of a current market, factors outside of current owners control and why the property should be sold for less than the note.
It is your lender you will need to convince with new plans, projections and marketing plan as to why you can change relative factors and make it a success if they make you the loan. (Unless of course your paying cash.)
As a commercial property the loan is against the property rather than the owner.
GR
who could you hire to help you convince the lender? a financial consultant?