How Long Is Due Diligence In Commercial Real Estate?

Office Condo and Warehouse Condo Sellers In Mecklenburg County NC, How Long Should You Allow For Due Diligence?

How long is due diligence in commercial real estate? That is what we are talking about today. So we’re saying okay how long should your due diligence period be when you’re selling a Mecklenburg County office condo or warehouse condo? So we’re talking specifics, Mecklenburg County North Carolina, office condo, warehouse condo. Real quick, let me just tell you that I am a commercial realtor. I’m Jeff Taylor with the NorthGroup Real Estate Company in Charlotte and Lake Norman, licensed North Carolina Real Estate Brokers serving Charlotte and Mecklenburg County, since 1991, retired Charlotte commercial real estate appraiser, and I’ve lived in Charlotte since 1968. So I know the Charlotte market. Okay. North Carolina real estate commission just wants me to tell you that information. So, how long should your due diligence period last when you’re selling a Mecklenburg office condo or warehouse condo? So I get this question a lot. People saying, ah, you know, how long should it take? What’s going on? Well, it’s this one’s gonna be real short, sweet and simple. Total due diligence period should be like 15 calendar days for this property type in our market. I mean, think about it. There’s very little that needs to be inspected. It’s small, typically I mean, they’re not huge properties, so there’s not a lot to it. People say, Oh, you know, due diligence we’re gonna need like 30 or 45 days, no sir. Not for an office or warehouse condo in Mecklenburg County. So I hope this kind of helps you shorten down this realistic window. People come to you, you’re selling your property you say, no. Not in this market, not this property type. Now, so that’s for due diligence, right? If they wanna do their appraisal or certainly have an appraisal done, and that will take a little bit longer, 21 calendar days. If you’ve got somebody that’s good, that they’ve got their lender lined up, then they can get an appraiser in and out and get the appraisal back to him within 21 calendar days. I used to be a commercial appraiser, I know this stuff. Okay? So, don’t worry, don’t fret, don’t say no, it should be 60 days, that’s crazy. I mean, just that’s way too long. So, 15 calendar days and then you can put a little 21 day for the appraisal in there if you like. Okay. So if you have been watching my videos for any length of time, you know, there’s always a bonus. So like Jeff, what is the bonus? Let’s talk about that. Okay. So how long should your closing be for a office condo or warehouse condo in Mecklenburg County? Typically 45 calendar days. Okay? 45 calendar days. Now that’s your target, so if it spills over a little bit, but it doesn’t need to go longer than that. I mean, maybe if they’re doing some sort of SBA loan or something, there could be a little more time involved. But if it’s just a cash deal, oh yeah, that’s awesome. Or just a conventional deal, they’re just gonna get a loan from a local lender, that sort of thing, close in 45 calendar days. Don’t let them stretch it out longer. There’s no need to do it. We’re doing a lot of them, and we’re getting them closed in 45 days. Okay? Cool. Thank you so much. I hope you have enjoyed this video. If you wanna learn more about Charlotte office space, Lake Norman office space, Lake Norman warehouse space, Lake Norman office space, this is the channel for you. And if you’d like, you can leave me a comment just down below, I’d love to hear what you have to say. If you have questions, want me to do a video on some other topic, leave me a comment down below. And hey, click the subscribe button, you’ll get notified when I put out a new video, which is every Thursday. So this is a consecutive weekly video number 65. So hey give me a thumbs up. Nothing more than just for consistency. Okay? Cool. Thank you so much, hope you enjoy this video, and have an awesome day.

LET’S CONNECT! Email: Jeff@JeffTaylorTeam.com Phone: 704-277-5333 LinkedIn: https://www.linkedin.com/in/jefftaylorteam/ YouTube: https://www.youtube.com/jefftaylorteam Facebook: https://www.facebook.com/JeffTaylorTeam/ Instagram: https://www.instagram.com/jefftaylorteam/ Twitter: https://twitter.com/JeffTaylorTeam Website: https://www.JeffTaylorTeam.com TikTok: https://vm.tiktok.com/J8fNyu5/ Google My Business – Ballantyne/South Charlotte Office: https://g.page/r/CSe8OgqlaOYpEAE Google My Business – SouthPark Office: https://g.page/CharlotteOfficeSpace?gm Google My Business – Lake Norman Office: https://g.page/JeffTaylorTeam?gt LoopNet: https://www.loopnet.com/brokerdirectory/profile/jeff-taylor/01rpg81 Jeff Taylor, Commercial Real Estate Broker Affiliated w/ NorthGroup Real Estate Inc. 16405 Northcross Drive Suite C Huntersville, NC 28078