The executive vice president at Elite Building Corp. in Waltham, Massachusetts, Michael Snedeker helps identify potential developments and secure financing for commercial construction projects in the Boston area and beyond. In his leadership position with the Waltham firm, Michael Snedeker draws on more than a decade of commercial real estate experience and his knowledge of commercial real estate trends and topics.
In the Boston area and elsewhere, time is a key factor in many commercial real estate transactions. To make a sale as quickly and seamlessly as possible, consider the following recommendations:
1. Order a new title immediately. Titles can take seven to 10 days to arrive, and this detail is a prerequisite for completing a sale.
2. Update the environmental survey. If the property’s survey is more than six months old, the buyer will likely want an updated version. Because environmental surveys can take up to 21 days, the wait can hold up the closing.
3. Set a cash price. If you find a buyer who has the assets to pay cash rather than by financing, closing may be possible in as few as five days.
4. Consult a broker. If your property is not selling, a commercial real estate broker will have a list of active buyers who are already approved and may be interested.