Help
>:( iam trying to buy a hotel and apartments, and have entered into a managment /co ownewr where me and the owner split everything for a year than i have the option to buy with payments applied minus 5.8% interst my problem is that fair market value is 221,000.00 and they are asking 450,000 :mad: also the building is 125 years old is there any law that governs amout of profit they make????
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i never said i was going to give there asking price, but what if they wont budge. can i seek legal recourse, breach,
hmmm...If the agent you met with asked you to sign a confidentaility agreement with the no agent clause, then he may just be a transactional agent or he could be a sponsor of the investment group and does not want to share his commisssion (or may not be paid a commission and is just given ownership instead). I have to disagree for once with CommercialKing because not all commercial agents will co-op their commission.
At any rate, you should try to find a good local commercial broker for future deals. Good luck!