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Commercial real estate industry highly competitive

The real estate market continues to be a competitive industry throughout the United States, including in Massachusetts. This is particularly the case for those in the market for commercial real estate properties. A few tips may help buyers to make the most of the opportunities with which they are confronted.

First, obtaining legitimate financial qualifications as soon as possible is important. It is not enough for a bank to say it will loan a buyer money. The bank needs to actually peruse the buyer's tax returns and financial statements first to make this determination. Then, the bank can produce a pre-qualification letter for the buyer, which includes a thorough review of the buyer's current financial situation.

Second, reacting rapidly is important. This can be accomplished by having a ready-to-use source of new as well as off-market properties that are available for purchase. In the residential real estate market, buyers can easily find properties online today, but online commercial property listings are not as readily available. When attractive properties come available for purchase, taking action right away is necessary to beat out the competition.

Buying commercial real estate can be tricky due to the many complexities associated with deals. After all, some deals are unpredictable. Unfortunately, making the wrong decision when confronted with unexpected situations can be detrimental to a deal that one thought would be promising. An attorney in Massachusetts can offer guidance during each stage of the real estate-buying process and ensure that the most personally beneficial decisions are ultimately made.

Source: ocregister.com, "4 ways to win a commercial real estate deal", Allen Buchanan, Sept. 2, 2017

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