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What should you do when buying a commercial foreclosure?

As a small business, you probably want to make sure you buy a good property for your business' base. A good home or commercial property can give you the space you need to expand, interview employees and entertain clients. One of the ways you can purchase a property is through a foreclosure. This can be a less expensive way to get the property you desire for your business, but you need to know exactly what to look for. You'll need to remember to review the state of the property, titles, taxes and other factors related to the property before you ever decide that you want to make a bid.

To buy a commercial foreclosure, you need to search through hundreds of listings. You could speak with your bank, for instance, and ask about the properties it currently has up for offer. A real-estate agent can help make sure your potential purchase is worth the money.

Once you decide on a property, make sure you take the time to investigate and inspect it. Is it in good condition? What kind of repairs does it need? On top of that, make sure the property really suits your business. If you needed four rooms and the house has only two, then this particular property may not be the right one for you.

Finally, make sure you have your finances in order before you go to buy a foreclosure. The bank will want to see your finances and how your financial records stack up. Are you in debt? Have you made good business decisions? All these things matter when you're trying to get a mortgage or loan for a foreclosure property.

Source: American Express Open Forum, "5 Tips For Buying A Commercial Short Sale Or Foreclosure," Margie Fishman, accessed June 10, 2015

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